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Wow, big drop in unemployment rate to 8.4%.
And that was for good reasons as LFPR went up.
EPOP up by 1.4 percentage points!
And that was for good reasons as LFPR went up.
EPOP up by 1.4 percentage points!
Private-sector payrolls up by 1 million in August, had risen by 1.5 million in July, 4.7 in June. A continued deceleration
The slowdown in payroll gains is very clear for leisure and hospitality.
+174k in August, from +621 in July, and just under 2 million in June.
+174k in August, from +621 in July, and just under 2 million in June.
Payroll employment is still 7.6% below February levels.
Bounce back looking less and less v-shaped.
Bounce back looking less and less v-shaped.
The headline unemployment rate dropped, but permanent job loss unemployment ticked up.
A nice increase in prime-age employment rate but still *FAR* below what we were seeing before the pandemic.
Not only did flows into a job moved up, but moves out of employment moved down as well.
With the slowdown in leisure & hospitality payroll growth, the cumulative hit to that sector is still huge. Down almost 25% since Feb.
Gains in August were again tilted toward lower-wage industries, but the cumulative hit is still larger for industries that pay less on average.
Core unemployment ticked up in August after falling a bit last month. https://twitter.com/JedKolko/status/1301861996552306689">https://twitter.com/JedKolko/...
