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Revisions the key in NFP miss

  • The headline payroll number is a miss of just 11K jobs, but the combined revisions downward for June and July sum to 74K positions.
  • Unemployment, however, declined to 7.3% thanks to a fall in the labor force participation to a 35-year low of 63.2% from 63.4%. The broader U-6 unemployment rate falls to 13.7% from 14% in July, 14.6% a year ago. The employment-to-population ratio slips to 58.6% from 58.7%.
  • Average workweek climbs 0.1 hour to 34.5 hours. Average hourly earnings climbs $0.05 to $24.05.
  • A look-in on gold finds the price rallying post-report, GLD +1.4%.
  • Gold ETFs: .GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
Comments (3)
  • Kuro1
    , contributor
    Comments (41) | Send Message
     
    June's number was revised to 172,000 from 188,000, and June's tumbled all the way from 162,000 to 104,000. How can the BLS miss a number by 55%? Do these metrics mean anything if they are continully revised by there type of magnitudes? Amazing!
    6 Sep 2013, 09:35 AM Reply Like
  • 6151621
    , contributor
    Comments (1174) | Send Message
     
    Only long-term do they mean much but trading does seem to give them much more credence then they are do. Noise is pretty large on month to month basis.
    6 Sep 2013, 11:14 AM Reply Like
  • 6151621
    , contributor
    Comments (1174) | Send Message
     
    Employed population continues to fall. This does seem to health for the greater economy but it may be good for company bottom lines.
    6 Sep 2013, 11:21 AM Reply Like
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