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Economic Update: Nonfarm Payrolls

The Labor Department reported that Nonfarm Payrolls, which is arguably the most important gauge of the state of the economy at the present time, fell in the month of August by 54,000. This total was above the consensus estimates of economists surveyed by Dow Jones for a decrease of 104,000.

For reference purposes Nonfarm Payrolls fell a revised -54k in July (revised higher from -131K) and June’s were -125K.

The nation’s Unemployment Rate rose 0.1% to 9.6%, which was in line with expectations for a reading of 9.6 and July’s level of 9.5%.

The private sector (aka the household survey) showed gains of 67,000 jobs, which was above the estimates for 33K. July’s private sector number was revised higher to +107K from +71.

Average hourly earnings were up +0.1% on a month-over-month basis which was in line with expectations.

Stock futures have spiked higher on the news.

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