by Calculated Risk on 10/08/2021 08:41:00 AM
From the BLS:
fell by 0.4 percentage point to 4.8 percent, the U.S. Bureau of Labor Statistics reported
today. Notable job gains occurred in leisure and hospitality, in professional and business
services, in retail trade, and in transportation and warehousing. Employment in public
education declined over the month.
The change in total nonfarm payroll employment for July was revised up by 38,000, from +1,053,000 to
+1,091,000, and the change for August was revised up by 131,000, from +235,000 to +366,000. With
these revisions, employment in July and August combined is 169,000 higher than previously reported.
The first graph shows the year-over-year change in total non-farm employment since 1968.
In September, the year-over-year change was 5.7 million jobs. This was up significantly year-over-year.
Total payrolls increased by 194 thousand in August. Private payrolls increased by 317 thousand.
Payrolls for July and August were revised up 169 thousand, combined.
The current employment recession was by far the worst recession since WWII in percentage terms, but currently is not as severe as the worst of the “Great Recession”.
The third graph shows the employment population ratio and the participation rate.
The Employment-Population ratio increased to 58.7% from 58.5% (black line).
I’ll post the 25 to 54 age group employment-population ratio graph later.
The unemployment rate decreased in September to 4.8% from 5.2% in August.
This was well below consensus expectations, however July and August were revised up by 169,000 combined.