The U.S. Bureau of Labor Statistics (BLS) released the Unemployment numbers for the month of August on Friday September 2nd. The commonly quoted Seasonally Adjusted U-3 Unemployment rate was 4.9% for the third month in a row. The unadjusted U-3 Unemployment rate was 5.0% and Gallup’s equivalent was 5.4% for a “mere” 0.4% difference.
The broader U-6 Unemployment rate (also unadjusted) which includes “discouraged workers”, “marginally attached workers” and Part time workers who want to work full-time was 9.7% in August while Gallup’s equivalent which they call the “Underemployment rate” was 3.4% higher at 13.1%. The civilian non-institutional population increased another 234,000 this month bringing it to 253,854,000.
According to the BLS Commissioner’s report for this month:
“Nonfarm payroll employment increased by [seasonally adjusted~ editor] 151,000 in August, and the unemployment rate remained at 4.9 percent. Employment continued to trend up in several service-providing industries. Incorporating revisions for June and July, which reduced nonfarm payroll employment by 1,000 on net, monthly job gains have averaged 232,000 over the past 3 months. In the 12 months prior to August, employment growth averaged 204,000 per month. Employment in food services and drinking places continued to trend up in August (+34,000). Over the year, the industry has added 312,000 jobs… Mining employment continued on a downward trend in August (-4,000). Although job losses have moderated in the last 3 months, employment in mining has fallen by 223,000 since a peak in September 2014.”
In other words, the vast majority of the jobs [Read more…] about August Unemployment Numbers- 4.9%