The duration of employment numbers were interesting:
Less than 5 weeks: -79,000
5-14 weeks: + 575,000
15-26 weeks: + 84,000
27 + weeks: -323,000
The increase in the 5-14 weeks is probably caused by the recent increase in initial unemployment claims. The decrease in the 27 + weeks in also interesting. However, at the current pace of job creation this months decrease will eventually move higher as the people who increased the 5-14 weeks number move out the time line.
In addition, we have the following revisions:
The change in total nonfarm payroll employment for June was revised from -221,000 to -175,000, and the change for July was revised from -131,000 to -54,000.
The pace of job creation was better than thought the last two months.
Average weekly hours stayed the same at 34.2
Average hourly earnings increased 6 cents
Average weekly earnings increased $2.05
The index of average weekly hours remained the same at 92.4
There is nothing in these numbers to get excited about. As I mentioned in the previous post, on a scale of 1-10 this is a 3.5.
