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Unemployment Rate Falls to Lowest Level Since 2008

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Economic Update: The Jobs Report

The Bureau of Labor Statistics reported that Nonfarm Payrolls, which is one of the most closely followed gauges regarding the state of the economy, grew by 173,000 new jobs during the month of August.

The number of new jobs was below the consensus estimates for an increase of 219K and was below July’s revised job growth of 245K and the smallest monthly increase in the last 5 months. However the average job growth seen over the last 3 months remained healthy at 221K.

As usual, there were revisions to the prior two months’ reports. July’s report saw a increase of 30K from 215K to 245K while June’s job totals were revised higher by 14K to 245K from 231K.

This means the economy created 44,000 additional new jobs in the prior two months than had been previously reported.

The nation’s Unemployment Rate fell to 5.1% in August which was below expectations and the lowest rate seen since March 2008.

The Labor Force Participation Rate was unchanged at 62.6%. As a reminder, the current participation rate is the lowest level seen since October 1977.

Average weekly earnings were reported at 34.6, which was above the consensus expectations for an increase of +34.5%.


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About the Author

David Moenning is the Chief Investment Officer at Sowell Management Services. Dave began his investment career in 1980 and has been an independent money manager since 1987. Thus, Dave has been live on the firing line and investing for a living for more than 29 years.