Fundamentals 9/2: Only Good News In Jobs Report Is…

BLJ Jobs in August were unchanged. June growth was revised down 20,000 and July growth was revised down 32,000. This report show 52,000 fewer people working than the last report. Private jobs were +17,000. Government Jobs were -17,000 for August and Health Care and Social Services jobs were +35,500.

The only good news here is that those made ill by this report have more people to take care of them.

The Average Hourly Wage, Average Work Week and Average weekly earning were all down.

This report serves as another step towrad people realizing just how bad shape the economy is in. This is despite massive fiscal and monetary policy support. Zero job creating and lower income is a great formula for recession. The only hope for growth is the consumer and it is going to take more than a 3-day weekend for the consumer to get over this report. Add in the perversity of the worst report in 11 months coming the day before Labor Day weekend.

The seeds are sown for record low mortgage rates for those left working.