Economic Buzz: US nonfarm payrolls see sharp rebound of 162K in Aug-26

The US nonfarm payroll employment increased by 162,000 in August, and the unemployment rate was unchanged at 4.1 percent, the US Bureau of Labor Statistics reported today. Employment increased in food services and drinking places and in local government education. The information industry lost jobs. The unemployment rate was unchanged at 4.1 percent in August, and the number of unemployed people changed little at 7.0 million. Both measures changed little over the year. The number of long-term unemployed (those jobless for 27 weeks or more) changed little at 1.9 million in August. The long-term unemployed accounted for 27.0 percent of all unemployed people.

The labor force participation rate edged up to 61.6 percent in August but is down by 0.5 percentage point since January. The employment-population ratio, at 59.1 percent, changed little over the month and since January. In August, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $37.75. Over the year, average hourly earnings have increased by 3.1 percent. In August, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.3 percent, to $32.53.

Total nonfarm payroll employment rose by 162,000 in August, higher than the average monthly gain of 31,000 over the prior 12 months. The change in total nonfarm payroll employment for June was revised up by 11,000, from 20,000 to 31,000, and the change for July was revised up by 44,000, from -23,000 to 21,000. With these revisions, employment in June and July combined is 55,000 higher than previously reported.

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