| It's all about jobs. That's what the financial reporting networks would have you think anyways. The "most important and anticipated payrolls number ever", or at least since the last payroll number, is out and it was a knee-knocker at only 173K, a huge miss to the 217K expected. This was the worst monthly payrolls number since March and the second lowest number in 19 months. However, the curious twist is that the July and June NFPs were both revised higher to 245K, making the net revision up 44K. If you take these three numbers together, everything is right with the world as far as the employment situation goes. From the BLS: "Total non-farm payroll employment rose by 173,000 in August. Over the prior 12 months, employment growth had averaged 247,000 per month. In August, job gains occurred in health care and social assistance and in financial activities. Employment in manufacturing and mining declined. Health care and social assistance added 56,000 jobs in August. Health care employment increased by 41,000 over the month, with job growth occurring in ambulatory health care services (+21,000) and hospitals (+16,000). Employment rose by 16,000 in social assistance, which includes child day care services and services for the elderly and disabled. Over the year, employment has risen by 457,000 in health care and by 107,000 in social assistance. In August, financial activities employment increased by 19,000, with job gains in real estate (+8,000) and in securities, commodity contracts, and investments (+5,000). Over the year, employment in financial activities has grown by 170,000. Employment in professional and business services continued to trend up in August (+33,000) and has increased by 641,000 over the year. Employment in food services and drinking places continued on an upward trend in August (+26,000), in line with its average monthly gain of 31,000 over the prior 12 months. Manufacturing employment decreased by 17,000 in August, after changing little in July (+12,000). Job losses occurred in a number of component industries, including fabricated metal products and food manufacturing (-7,000 each). These losses more than offset gains in motor vehicles and parts (+6,000) and in miscellaneous durable goods manufacturing (+4,000). Thus far this year, overall employment in manufacturing has shown little net change. Employment in mining fell in August (-9,000), with losses concentrated in support activities for mining (-7,000). Since reaching a peak in December 2014, mining employment has declined by 90,000. Employment in other major industries, including construction, wholesale trade, retail trade, transportation and warehousing, and government, showed little change over the month." So, perhaps a September rate hike is still on the board? That should make things interesting for the next week or so! Trade well and follow the trend, not the perma-bull OR perma-bear "experts." Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia. |
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