All You Need To Know About The August Jobs Report
The monthly jobs report for August comes out tomorrow before the open. The consensus is for a gain of 235,000 jobs added. Here are some stats I found interesting.
* More than 200,000 jobs have been created for six straight months. If it happens again tomorrow it would be the longest streak since seven in a row back in ‘97.
* The all-time record for consecutive months over 200,000 jobs in a row is 15 in ‘83/’84. 14 straight occurred in the early ’40s and again in ‘76/’77.
* The current 12 month average of 214,000 jobs created is the highest since April 2006.
* The current six month average of 244,000 jobs created is the highest since, once again, April 2006.
* August has seen an increase in jobs each of the past three years. If it can make it to four, it’d be the longest streak since the mid-90s.
* The 235,000 jobs expected would be the most jobs produced in any August since 1998.
Turns out the summer months historically are rather slow for jobs growth, not a huge surprise. What is worthwhile though is August is by far the weakest month since 1990.
The unemployment rate is expected to come in at 6.2%, which would match what we saw in July. What matters here is the recent trend is moving lower.
Here’s a really interesting chart which shows various unemployment rates based on levels of education. Not surprisingly, the more educated someone is, the better chance they’re employed.
Lastly, here’s one of my favorite charts. Starting in February 2008 (when the recession started) just 639,000 jobs have been created. In fact, this was actually still negative until this past May.
So what’s it gonna be tomorrow? I’ll say 241,000 jobs created and 6.1% unemployment. Yes, that is a total guess, probably like the rest of the economists out there.
Photo courtesy of photologue_np.
Recommended for You
Man who slammed restaurant chain in video that went viral has been out of work ever since.USA TODAY
Technically Incorrect: A group of British school principals sends a letter to parents saying that violent adult-rated video games risk getting them into serious trouble.CNET
Question: We live in a seniors-only community. Our board and managers harass disabled owners. I have lymphoma and advanced Barrett's esophagus; my neighbor has cancer and chronic rheumatoid arthritis. ...Los Angeles Times
Oil prices fell on Monday as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear program that could bring an end to sanctions and allow an increase in Iranian oil exports. "Regarding Iran, there are two possible outcomes: a framework deal or an extended…Reuters
Technically Incorrect: In Russia, scientists say they've found enough bones to now identify something we might want to call the Sibirosaurus. And it's a doozy.CNET
The seventh installment of the "Fast & Furious" franchise is nearly upon us. Dennis McCarthy, who has wrangled cars for the series since 2006's "Tokyo Drift," tells us how he pulled together the amazing rides for this latest film.CNET
Members of the US House of Representatives hoping to get a look at Hillary Clinton's personal email server just got a big disappointment. Clinton's attorney has confirmed to a House committee on Benghazi ...Engadget
A light bulb made with graphene - said by its UK developers to be the first commercially viable consumer product using the super-strong carbon - is to go on sale later this year.BBC News
Here are nine common medical procedures that are cheaper outside the U.S.USA TODAY
A business economics group has boosted its outlook for U.S. economic improvement this year and next, particularly for job growth.Los Angeles Times
A Texas city is soon to be generating all of its electricity from renewable sources, not because of any ideological cause but purely based on the priceOilprice.com
Recent data from the EIA do not reflect the reality on the ground as estimates are showing production being overestimated and demand being underestimated greatlyOilprice.com
Over the weekend, Russia, Australia, the Netherlands and Denmark applied to become the latest countries to join the China-led Asian Infrastructure Investment Bank, or AIIB, China's new development bank to rival the U.S.-led World Bank. China has set a March 31 deadline to become a founding member…Barrons.com
WASHINGTON (AP) — Two major companies in a prominent $1.4 billion Asia investment fund managed by New York banking giant Morgan Stanley unexpectedly told securities regulators they will not file their financial statements on time and froze trading in their stocks, actions generally considered to be…Associated Press
The merger of American Airlines and US Airways took another key step forward this weekend as the nation’s largest carrier began to fold the loyalty reward programs for the two airlines together.Los Angeles Times
The 2014 tax season may be the last time you can take advantage of some important tax credits and deductions that could save you thousands of dollars.CNBC
The net-long position in gold dropped by 9.9 percent to 31,653 futures and options in the week ended March 24, according to U.S. Commodity Futures Trading Commission data published three days later. “Most of the hedge funds are relying on dollar strength as being the primary determining factor in…Bloomberg
If you have excellent credit, you can get a card with a $400 intro bonus, up to 6% cash back, or no interest for 18 months.
Susan Bernardo trusted her stockbroker. She wound up losing a fortune. Her broker, David Harris, advised her to sell $400,000 worth of relatively safe municipal bonds, she says, and sink the proceeds into ...Associated Press
If you're looking to create family wealth that will last for generations, now's the time to start preparing for it.Credit.com
Robots typically rely on batteries to get power, but they may soon have to do little more than nibble on another material to start moving. Chinese researchers have developed simple liquid metal machines ...Engadget