Varying reports of job gains in the private sector were offset by the loss of over 100,000 census workers, compounding the nation’s continued unemployment woes. US unemployment inched up to 9.6% in August, despite more than three fourths of a million new jobs in the private sector since December’s low. See the following article from HousingWire for more on this.
Nonfarm payroll employment for August came in below analysts’ estimates, as 54,000 jobs were lost during the month, and the unemployment level rose slightly to 9.6%.
The Labor Department’s Bureau of Labor Statistics reported federal employment shed another 121,000 jobs in August, including 114,000 temporary Census workers many of whom continue to trudge back to the ranks of the unemployed.
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Analysts surveyed by Briefing.com were expecting an overall decline of 106,000 jobs for the month, and other consensus projections forecasted job losses between 105,000 and 120,000.
The private sector added 71,000 jobs in August, according to the Labor Department. But ADP said earlier this week that private-sector employment fell by 10,000 in August, and TrimTabs Investment Research data show a gain of about 70,000 private-sector jobs. TrimTabs estimates 65,000 total jobs were lost last month.
The Labor Department said the private sector has added 763,000 jobs since its most recent low in December.
The department also downwardly revised nonfarm payroll figures for June to a decline of 175,000 from 221,000 previously, and for July to 54,000 from 131,000.
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