U.S. job creation for August was a huge disappointment, sharply misses expectations

U.S. job creation for August was a huge disappointment with non-farm payroll growth in August increased by just 235,000 vs. expectations of 720,000, the Labor Department reported Friday.

Jeff Cox for CNBC:

stocksJob creation for August was a huge disappointment, with the economy adding just 235,000 positions, the Labor Department reported Friday. Economists surveyed by Dow Jones had been looking for 720,000 new hires.

The weak report could cloud policy for the Federal Reserve, which is weighing whether to pull back on some of the massive stimulus it has been adding since the outbreak in early 2020.

“The labor market recovery hit the brakes this month with a dramatic showdown in all industries,” said Daniel Zhao, senior economist at jobs site Glassdoor.

The labor force participation rate was unchanged at 61.7%, still well below the 63.3% in February 2020, the month before the pandemic declaration.

Employment also remained well below pre-Covid levels, with 5.6 million fewer workers holding jobs and the total workforce still smaller by 2.9 million.

Another key Fed metric, the employment-to-population gauge, stood at 58.5%, up one-tenth of a percentage point from July but still well below the 61.1% pre-pandemic level. The measure looks at total jobholders against the working-age population.

It’s not that there aren’t enough jobs out there: Placement firm Indeed estimates that there are about 10.5 million openings now, easily a record for the U.S. labor market.

MacDailyNews Take: Obviously, a healthy U.S. economy is essential to Apple, as America is by far Apple’s largest market.

16 Comments

  1. I’m not a mathematician, but won’t the government collect less in taxes if fewer people are working?

    How will the government afford to keep paying people to not work if they don’t collect enough in taxes to continue paying people to not work if they don’t collect… well, you get my point.

    1. Disappointment? Like this is a mystery? The jobs are “created” and waiting for someone to come in and work. Its hard to compete with free money from Uncle Sugar. We have seen multiple restaurants in our city limit days open per week (or close altogether) because they can’t get staff… I’m sure it will be a miraculous return to work once the “enhanced benefits” end on Monday.

  2. Ain’t nobody dumber than y’all
    Ain’t nobody dumber than y’all (ay yo)
    I guess you love to be wrong
    Or you don’t have the guts or the balls (ay yo)
    Dumb, dumb dumb, dumb, dumb dumb
    Dumb, dumb dumb, dee dee dumb dumb dumb
    Dumb, dumb dumb, dumb, dumb dumb
    Dumb, dumb dumb, dee dee dumb dumb

    1. Gee, we all wonder what could have happened to upend President Trump’s string of 50-year low unemployment records?

      The hysterical COVID overreaction, perhaps?

      You lie by omission. Like a typical Democrat loser.

    2. Well, during CoVid recovery, more was expected, but this expectation got upended by Delta and low vaxx rates especially in Red states. As a result, many Fortune 500’s paused their return to office plans for another 6 months … just continued teleworking.

      As such, all of those service jobs which rely on office workers actually being in offices doesn’t need more staff to ramp up for reopening, so they paused hiring.

      Naturally, they didn’t go cancel their “help wanted” ads, because the segment has had problems for the past ~7 years in finding good help who will work dirt cheap: they’re continuing to collect resumes, but have simply slow-walked the conversion to a job offer .. because they figure they don’t really need to pay for staff for the next TBD months.

      The question is when will the Fortune 500’s really start to return to office; estimates on when that will be vary widely, from ~Thanksgiving to March 2022. It all depends on how bad Delta will hit after schools open this fall and it rips through the under age 12 kids.

      As things currently stand, Mississippi is on track to become the State with the highest per capita mortality rate by this October, surpassing NJ, who has held the lead from nearly the start, by having gotten blindsided back in the spring of 2020 (half of their total had died in the first four months – before 1 June 2020.

  3. The Moron has been Planted to destroy USA from within!!!
    How incompetent and stupid can he be before people open their eyes!!!!???
    Mind Boggling 🤯🤦🏼‍♂️🤯

      1. You must be as stupid as First Whatever if you think one party has the advantage in the stupidity department. Both parties suck big time. If you actually read the bills these parties promote and follow the actions they take, they are both puppets for their unaccountable corporate overlords.

        That is why the electoral system must be wrestled away from the partisan nitwits who constantly attempt to downgrade the USA from a constitutional republic with relatively efficient democratic control into a single-party regime with an unaccountable Unitary Executive, gerrymandered legislative branch, and federal judges picked on theological desires rather than technical or constitutional knowledge. IE, First Whatever and his troll farm desperately want a dictator lite, just like Xi or Putin. To them, that would make America “great”, by disenfranchisement of approximately 60% of the citizens of the USA and effectively handing power to the highest corporate bidder.

        Then again, most US headquartered corporations have already practically abandoned their home nation. They already moved production facilities to Asian sweat shops, now they’re eager to turn all those Chinamen into rabid consumers just like their now fat & lazy American counterparts. Youcan be sure that Apple like every other corporation will continue to do whatever it wants anywhere in the world it wants, since it knows that its monopoly iOS store will print dollars or rupees or yen equally well, no matter how far the various governments around the planet stray from practical democratic principles. But Apple will not sink one thin dime into supporting the backwards thinking GOP. Never.

  4. Liberals started taking control of our education system 60 years ago.

    Schools cut advanced classes so the idiots don’t feel bad about their stupidity and now they all get participation trophies.

    The result is that half the country has shit for brains.

    How stupid do you have to to vote for a corrupt,racist dementia patient and a whore?

  5. How many of Hunter’s priceless works of art are hanging in Beijing? None, because they toss them after the checks clear.

    China has 40 years worth of receipts on Biden, family and friends. Chinese money laundering traitor! Why else would Biden hand Afghanistan over to China on a silver platter with two scoops of US military hardware ice cream on the side?

    China has already moved into Afghanistan to the tune of USD 56 billion in investments and “aid.”

    “The Taliban and China solidified their ties Thursday, with a top official in the insurgent group calling the Peoples Republic of China (PRC) a “trustworthy friend.””

    “Taliban spokesman Suhail Shaheen announced on Thursday that, following a high-level meeting with Chinese communist officials, Beijing vowed to help the Taliban fight the Chinese coronavirus pandemic.”

    Don’t worry, the US is next! That’s right! The US is going BACK TO AFGHANISTAN to HELP THE TALIBAN! Check CNN if you don’t believe it. US tax dollars will begin pouring into the Taliban’s coffers this month. We are gonna hear all kinds of wonderful crap. It will start out as humanitarian aid to the “good Taliban” because we care and remain fully committed to Afghanistan (aka Talibanland). Then US money will shift towards “rebuilding” Talibanland… infrastructure for the next 20 years! Please pass the pork flavored ice cream!

    Why? How else will everyone in DC skim off their cut? The Ice Cream Cone administration and congress are a business. They are in the business of spending US tax dollars and skimming off their cut. Talibanland is a cash cow windfall for DC!! Make mine two scoops of pork belly with ham on the side! To go, please… to go to Talibanland!

    Period.

    Hmm… how much pork will Trump get? Not a lot. None? It will be quite a few years until he’ll be able to open a Trump Tower in Kabul. Maybe a golf course? Biden, however, better hurry. He only has 3 1/2 more years to pork buffet his bank account(s).

    1. What is with the one star votes? Something wrong with the post above?

      Who is paying $500,000 for Hunter’s crap art and why? Oops… nobody knows.
      China has already announced BILLIONs in “aid” to the Taliban. Public knowledge.
      Taliban is calling China a “trusted friend.” Public knowledge.
      Beijing has publicly promised Suhail Shaheen that China help the Taliban with Wuhan virus (ironic, isn’t it?). Public knowledge.
      Isn’t the narrative already shifting in the US? There is a “good Taliban.” Keep your eye on the fake news.
      Isn’t ISISk emerging as “the real new enemy”? Keep your eye on the fake news.
      Is there or is there not a humanitarian crisis in Afghanistan? Everything hunky-dory in the new and improved Talibanland?
      How much will Trump benefit from the new “Talibanland” narrative? Millions? Anyone know?
      After 6 YEARS of intensive endless investigations by the FBI, CIA, DOJ, countless congressional investigations and a fake impeachment trial… we still don’t know how much Trump benefited from the unproven “collusion” with Russia. That’s a little weird, isn’t it. I thought the walls were closing in on Bad Orange Man 2, 3, 4 or five years ago, right?
      Is there Biden/ China collusion? Hasn’t the current fake administration treated China will kid gloves for the past 8 months? Am I wrong?
      Why is the Taliban on Twitter but Trump is banned? Well, because of the horrible insurrection, of course!
      How many armed peaceful rioters were there on January 6?
      How many Taliban insurrectionists are armed with US weaponry in Talibanland as you read this post? Maybe 75,000? Is that about right?
      Who and what supports the extended Biden-family lavish lifestyle? Cause grandpa Ice Cream was a VP? His senator’s salary? Maybe his current salary can cover the bills? Maybe Hunter (with ZERO qualifications of ANY kind other than drug addict) is helping his family out.
      All so interesting!

      Please pass the one star votes… thank you!

      Oink, oink!

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