There is not much to report. It seems like a fairly mild report overall. Up 103K, 137K, private sector. Its not consistent with the economy currently being in recession but I didn’t think that was likely anyway.
A few areas of note
- Government dropped 34K jobs. Local Government 35K, with State and Federal gaining a net 1K. Out of that 24K were local government jobs in education. This is, of course, not “good” jobs wise. Some people might think its good for the overall balance of the nation, but I am not here to debate that. What I am here to say is that from a forecasting perspective this is something that is likely to level out in the coming months. I don’t predict a big surge in Local Government education hiring any time soon, but the drag should stop.
- Manufacturing dropped 13K jobs. This is consistent with the ISM reports that showed tepid manufacturing. Though -13K is not that bad a number. Manufacturing employment usually declines. It’s the rate of decline that should concern us and this is not particularly fast. And, I expect new orders for autos to be increasing in the coming months
- Construction up 26K. Looks inline, I expect this to accelerate.
- Health Care up 43K. We had actually seen some decline in employment at hospitals and doctors offices but we are making record highs again, as per usual.
- Preforming Arts, Accommodation and Gambling and Amusement all saw declines. That seems strange to me give the hotel occupancy data. I thought we were recovering from the summer slowdown here, but apparently not yet.