September 3, 2010
Carrick: U.S. labour market report may spark confidence
Today’s U.S. jobs market figures from the Bureau of Labor Statistics may provide a much needed spark of confidence for the U.S. economy, especially its workers and consumers, CanaData chief economist Alex Carrick says in a new report.
While total employment declined by 54,000 in August over July, the private sector took on 67,000 more staff members.
It was a 121,000-job decline in employment by government that caused the overall drop in jobs.
To use a baseball analogy, business enterprises stepped up to the plate.
The national unemployment rate in August increased slightly, to 9.6% from 9.5% in July.
October 2009 was when the jobless rate was at its worst: 10.1%. The unemployment rate in construction in August relaxed a little, to 17.0% from 17.3% the month before.
Earlier in the cycle, construction’s jobless rate exceeded 20.0%. The direction of change is encouraging.
You can read Carrick’s full post here.
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