• The August reading was 96K (revised to 142K)
  • July also revised higher by 181K
  • Unemployment rate 7.8% vs 8.2% exp (lowest since Jan 2009)
  • Average workweek 34.5 hours vs 34.4 hours exp
  • Avg earnings +0.3% vs +0.2% exp
  • Private payrolls +104K vs +130K exp
  • Manufacturing payrolls -16K vs 0K exp
  • Government payrolls +10K
  • Participation rate 63.6% vs 63.5%

Solid report but there was a huge surge in part-time jobs (+582K). Underemployment steady at 14.7%. No shenanigans seem to be going on in the unemployment rate because the participation rate actually rose. The solid revisions to the last two months and benchmark revision seem to be the drivers. I’m still suspicious.