Global| Oct 02 2015U.S. Payroll Gain Disappoints Again; Earnings Stabilize Along With Jobless Rate
by:Tom Moeller
|in:Economy in Brief
Summary
Job growth remained weak for a second month during September. Nonfarm payrolls grew 142,000 following downwardly revised increases of 136,000 and 223,000 during the prior two months. The gains compare to a 260,000 average last year [...]
Job growth remained weak for a second month during September. Nonfarm payrolls grew 142,000 following downwardly revised increases of 136,000 and 223,000 during the prior two months. The gains compare to a 260,000 average last year and disappointed expectations for a 200,000 rise in the Action Economics Forecast Survey. Weakness centered in the factory and private services industries. Lessened job growth brought with it an unchanged level of average hourly earnings. The unemployment rate also remained unchanged at an expected 5.1%, though the total jobless rate dipped to 10.3%.
The labor market data is contained Haver's USECON database. Detailed figures are in the EMPL and LABOR databases. The expectations figure is in the AS1REPNA database.
| Employment: (SA M/M Change, 000s) | Sep | Aug | Jul | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Payroll Employment | 142 | 136 | 223 | 1.9% | 1.9% | 1.7% | 1.7% |
| Previous | -- | 173 | 245 | -- | -- | -- | -- |
| Manufacturing | -9 | -18 | 11 | 0.7 | 1.4 | 0.8 | 1.7 |
| Construction | 8 | 5 | 5 | 3.1 | 4.8 | 3.7 | 2.1 |
| Private Service Producing | 131 | 122 | 188 | 2.4 | 2.2 | 2.2 | 2.2 |
| Government | 24 | 36 | 28 | 0.8 | 0.0 | -0.3 | -0.8 |
| Average Weekly Hours - Private Sector | 34.5 | 34.6 | 34.6 | 34.5 (Sep.'14) |
34.5 | 34.5 | 34.4 |
| Private Sector Average Hourly Earnings (%) | -0.0 | 0.4 | 0.2 | 2.2 | 2.1 | 2.1 | 1.9 |
| Unemployment Rate (%) | 5.1 | 5.1 | 5.3 | 5.9 (Sep.'14) |
6.1 | 7.4 | 8.1 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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