قالب وردپرس درنا توس
Home / Business / A disappointing job report would have been worse without the census staff

A disappointing job report would have been worse without the census staff



A trader works on Friday, December 2, 2016, at the New York Stock Exchange (NYSE) floor in New York (USA).

Michael Nagle | Bloomberg | Getty Images

Without the temporary cessation of census workers, the disappointing employment report for August would have been even worse.

The federal government hired 25,000 temporary workers to prepare for the 2020 census in August. Nonfarm payrolls rose by 130,000 last month, lagging behind Wall Street's estimate of 1

50,000.

Employment in the Federal Government rose in August by a total of 28,000, said the Ministry of Labor on Friday. Private sector employment only increased by 96,000, the lowest pace since February.

The biggest weakness came from the retail sector, which saw a net drop of 11,100 workers in August alone. Trade, transport and utilities also lost 11,000 jobs, and mining and logging lost 5,000 jobs.

"Weaker-than-expected job growth makes sense if you look at yesterday's ISM and Markit figures for employment and only understand how companies are responding to the slowdown in growth and trade concerns," said Peter Boockvar, Blakeley Advisory's chief investment officer Group. "Businesses have taken a time-out to adjust until the visibility becomes less cloudy, which is just prudent."

ISM measurement of the US manufacturing sector showed that the sector contracted in August, recording its first decline since 2016.

The entire job market is still in good shape. As expected, the unemployment rate remained at 3.7% and wage growth remained high. The average hourly income increased by 0.4% during the month and by 3.2% over the course of the year.

In addition to the large employment growth in front of the population for 2020, there were also occupational growth. In addition, business services created 37,000 jobs. Healthcare contributed 24,000 to the total and financial services increased by 15,000.


Source link