Job Report
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8:30am 09/03/04 U.S. AUG. NONFARM PAYROLLS UP 144K VS. 158K EXPECTED
8:30am 09/03/04 U.S. AUG. UNEMPLOYMENT RATE 5.4% VS. 5.5% EXPECTED
8:30am 09/03/04 U.S. JUNE, JULY NONFARM PAYROLLS REVISED UP 59,000
8:30am 09/03/04 U.S. AUG. AVERAGE HOURLY EARNINGS UP 0.3%
8:30am 09/03/04 U.S. AUG. AVERAGE WORKWEEK UNCHANGED AT 33.8 HOURS
8:30am 09/03/04 U.S. AUG. FACTORY JOBS UP 22,000; SERVICES UP 108,000
8:30am 09/03/04 U.S. UNEMPLOYMENT RATE OF 5.4% LOWEST SINCE OCT. 2001
ECONOMIC REPORT: U.S. nonfarm payrolls up 144,000; Unemployment rate falls to 5.4%
By Rex Nutting, CBS.MarketWatch.com Last Update: 8:31 AM ET Sept. 3, 2004
WASHINGTON (CBS.MW) -- U.S job growth snapped back in August after two disappointing months, as nonfarm payrolls climbed by 144,000, the Labor Department estimated Friday.
The unemployment rate fell by one-tenth of a percentage point to 5.4 percent, the lowest rate since October 2001.
Payroll additions in June and July were revised higher by a cumulative 59,000. July's gain was revised from 32,000 to 73,000. Read the full release.
The government said Hurricane Charley, which hit Florida at the end of the August survey week, had no "discernable" effects on the payroll report.
Economists surveyed by CBS MarketWatch were expecting job growth of about 158,000, close to the 177,000 average for the first seven months of the year. See Economic Calendar.
Bonds fell on the news, focusing on upward revisions, the drop in the jobless rate and the slight acceleration in earnings. U.S. stock futures pared earlier loses. See full story.
Since August 2003, the economy has created 1.7 million jobs after losing about 2.7 million during the recession and painful recovery.
The August employment report is the last before the Federal Open Market Committee meets Sept. 21 to consider another interest-rate hike.
And it's the next-to-last jobs report before the Nov. 2 presidential election, in which voters will choose between two plans for economic growth and national security. See Election 2004: Special Report.
The tame job growth in August is likely strong enough to keep the FOMC on track to raise overnight rates to 1.75 percent on Sept. 21.
Payroll gains in August were close to the trend of 140,000 of the past year, showing good but not great growth after years of discouragement. Payroll growth of about 150,000 a month is needed to keep pace with population growth.
The president's re-election team was obviously hoping for stronger growth to cement its claim that the economy is "strong and getting stronger" thanks to the tax cuts Bush delivered. But with 12 straight months of payroll growth, the Republican ticket can now cite substantial progress.
In August, average hourly earnings rose by 5 cents, or 0.3 percent, to $15.77 an hour. Wages are up 2.3 percent year-over-year, below the inflation rate.
The average workweek was unchanged at a revised 33.8 hours. Aggregate hours worked in the economy increased 0.2 percent.
According to a survey of some 400,000 business establishments, goods-producing industries created 36,000 jobs in August, including 22,000 in manufacturing and 15,000 in construction.
Service-producing industries created 108,000 jobs, including 42,000 in health-care and social-assistance categories. Financial services created 18,000. Temporary-help services were flat.
Of the 278 industries tracked, jobs were created in 54.5 percent in August, down from 54.9 percent in July and from the recent peak of 68.7 percent in April. Of 84 manufacturing industries, 51.8 percent created jobs in August, down from 60.1 percent in July.
In a separate survey of 60,000 households, the government found employment rose by 21,000 and unemployment fell by 174,000 to 8.02 million. With employment up and the labor force falling by 152,000, the jobless rate slipped to 5.4 percent.
The jobless rate fell for most demographic groups.
8:30am 09/03/04 U.S. AUG. UNEMPLOYMENT RATE 5.4% VS. 5.5% EXPECTED
8:30am 09/03/04 U.S. JUNE, JULY NONFARM PAYROLLS REVISED UP 59,000
8:30am 09/03/04 U.S. AUG. AVERAGE HOURLY EARNINGS UP 0.3%
8:30am 09/03/04 U.S. AUG. AVERAGE WORKWEEK UNCHANGED AT 33.8 HOURS
8:30am 09/03/04 U.S. AUG. FACTORY JOBS UP 22,000; SERVICES UP 108,000
8:30am 09/03/04 U.S. UNEMPLOYMENT RATE OF 5.4% LOWEST SINCE OCT. 2001
ECONOMIC REPORT: U.S. nonfarm payrolls up 144,000; Unemployment rate falls to 5.4%
By Rex Nutting, CBS.MarketWatch.com Last Update: 8:31 AM ET Sept. 3, 2004
WASHINGTON (CBS.MW) -- U.S job growth snapped back in August after two disappointing months, as nonfarm payrolls climbed by 144,000, the Labor Department estimated Friday.
The unemployment rate fell by one-tenth of a percentage point to 5.4 percent, the lowest rate since October 2001.
Payroll additions in June and July were revised higher by a cumulative 59,000. July's gain was revised from 32,000 to 73,000. Read the full release.
The government said Hurricane Charley, which hit Florida at the end of the August survey week, had no "discernable" effects on the payroll report.
Economists surveyed by CBS MarketWatch were expecting job growth of about 158,000, close to the 177,000 average for the first seven months of the year. See Economic Calendar.
Bonds fell on the news, focusing on upward revisions, the drop in the jobless rate and the slight acceleration in earnings. U.S. stock futures pared earlier loses. See full story.
Since August 2003, the economy has created 1.7 million jobs after losing about 2.7 million during the recession and painful recovery.
The August employment report is the last before the Federal Open Market Committee meets Sept. 21 to consider another interest-rate hike.
And it's the next-to-last jobs report before the Nov. 2 presidential election, in which voters will choose between two plans for economic growth and national security. See Election 2004: Special Report.
The tame job growth in August is likely strong enough to keep the FOMC on track to raise overnight rates to 1.75 percent on Sept. 21.
Payroll gains in August were close to the trend of 140,000 of the past year, showing good but not great growth after years of discouragement. Payroll growth of about 150,000 a month is needed to keep pace with population growth.
The president's re-election team was obviously hoping for stronger growth to cement its claim that the economy is "strong and getting stronger" thanks to the tax cuts Bush delivered. But with 12 straight months of payroll growth, the Republican ticket can now cite substantial progress.
In August, average hourly earnings rose by 5 cents, or 0.3 percent, to $15.77 an hour. Wages are up 2.3 percent year-over-year, below the inflation rate.
The average workweek was unchanged at a revised 33.8 hours. Aggregate hours worked in the economy increased 0.2 percent.
According to a survey of some 400,000 business establishments, goods-producing industries created 36,000 jobs in August, including 22,000 in manufacturing and 15,000 in construction.
Service-producing industries created 108,000 jobs, including 42,000 in health-care and social-assistance categories. Financial services created 18,000. Temporary-help services were flat.
Of the 278 industries tracked, jobs were created in 54.5 percent in August, down from 54.9 percent in July and from the recent peak of 68.7 percent in April. Of 84 manufacturing industries, 51.8 percent created jobs in August, down from 60.1 percent in July.
In a separate survey of 60,000 households, the government found employment rose by 21,000 and unemployment fell by 174,000 to 8.02 million. With employment up and the labor force falling by 152,000, the jobless rate slipped to 5.4 percent.
The jobless rate fell for most demographic groups.
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Info.
Job Report
The Labor Department reported that the economy created 144,000 jobs in August, up from a revised 73,000 jobs in a weak July report. Economists surveyed by Briefing.com had forecast 150,000 new jobs.
The unemployment rate improved to 5.4 percent from 5.5 percent in July. Forecasts were for the unemployment rate to stay the same.
The unemployment rate improved to 5.4 percent from 5.5 percent in July. Forecasts were for the unemployment rate to stay the same.
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