The September employment numbers were released this morning showing a much lower than expected increase of 51,000 jobs. The unemployment rate declined .1% to 4.6%. June and July numbers were revised a combined +61,000.
This year the unemployment rate has been relatively unchanged floating between 4.6% to 4.8%.
If you are a glass half full kind of person you are saying with the upward revision of previous months that the economy is producing a consistent average of 125,000 some jobs a month. Unemployment is stable. And the economy continues to move forward.
A glass half empty person would say that 51,000 is pathetic growth at best and that the economy is slowing down. This is the lowest job growth since October of 2005, which was the first report following Hurricane Katrina.
Winners:
Health care +24,000
Financial Services +16,000
Leisure and hospitality +15,000
Losers:
Manufacturing -19,000
Retail -12,000
Average hourly earnings were up .2% matching the estimate. Wages are up 4.0% over the previous 12 months. The highest moving average since March of 2001.
National job gains:
December '05, 145,000
January '06, 154,000 (revised) 170,000 (first reported)
February '06, 200,000 (revised again) 225,000 (revised) 243,000 (first reported) 210,000 (consensus number)
March '06, 175,000 (revised again) 200,000 (revised) 211,000 (first reported) 190,000 (consensus number)
April '06, 126,000 (revised) 138,000 (first reported) 200,000 (consensus number)
May '06, 100,000 (revised again) 92,000 (revised) 75,000 (first reported) 175,000 (consensus number)
June '06, 134,000 (revised again) 124,000 (revised) 121,000 (first reported) 185,000 (consensus number)
July '06, 123,000 (revised again) 121,000 (revised) 113,00 (first reported) 142,000 (consensus number)
August ’06, 188,000 (revised) 128,000 (first reported) 125,000 (consensus number)
September ’06, 51,000 (first reported) 125,000 (consensus number)
National unemployment rates:
December '05, 4.9%
January '06, 4.7%
February '06, 4.8%
March '06, 4.7%
April '06, 4.7%
May '06, 4.6%
June '06, 4.6%
July '06, 4.8%
August ’06, 4.7%
September ’06, 4.6%
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Posted by: jessica kardon | October 08, 2006 at 11:50 PM