Saturday, September 8, 2007

A Good Point Regarding Payroll Cuts

The Labor Department's August employment report shows a gain of 24,000 private sector jobs. Job growth for June and July was revised lower, suggesting that the job market had been
under pressure even before the latest bout of financial market unrest in August.

A drop in government payrolls more than erased the private sector gain, but economists pointed out that the biggest culprit was teachers, a segment that is vulnerable to large
seasonal swings and appears likely to be revised higher next month to reflect the start of the school year.

The data was collected in the week that included August 12, the height of the financial market turbulence, but before a rash of reported financial job cuts, which will likely show up
in employment reports for September or October.

Interesting read.


Allison said...

I wish productivity stats were quoted more than job growth stats, from an economic perspective...

CresceNet said...
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