August jobs report reveals payroll gains miss, but still a few positive signs to consider
The Bureau of Labor Statistics issued the September jobs report last Friday, which revealed that for the first time in 2021, payroll gains failed to hit the 200,000 mark. The report also showed that non-farm payrolls increased by 194,000 in September, as August’s number was revised up to a gain of 366,000 jobs. NAFCU Chief Economist and Vice President of Research Long analyzed the report in a new NAFCU Macro Data Flash report.
“Payroll gains disappointed in September, failing to hit the 200,000 mark for the first time in the calendar year,” said Long. “Labor force participation remains stuck almost two percentage points below pre-pandemic levels while total payrolls are down 5 million jobs since then.”
According to the report, the unemployment rate dropped to 4.8 percent in September, while labor force participation also continued to drop to 61.6 percent, still down significantly from 63.3 percent in February of last year.
“However, there were positive signs buried below the headline number. The household survey showed stronger gains than the establishment survey, which led to a drop in the unemployment rate,” noted Long. “Much of the weakness in the establishment survey was concentrated in local education, which is likely due to faulty seasonal adjustments. Meanwhile, restaurant and retail employment picked up at a time when COVID cases were cresting, which bodes well for the October report.”
Results among the major industries were mixed. Leading industries included leisure and hospitality gains 74,000 jobs, followed by 60,000 in the professional and business services. The retail trade industry also saw a gain of 56,000 jobs, while government jobs fell by 123,000.
“As compared to August, job gains in September were skewed toward full-time work, and average hours worked per employee picked up. Revisions to July and August numbers also brought up the average job gains per month over the last three months to 550,000,” remarked Long.
The report also revealed a 19-cent rise in average hourly earnings in September, with a year-over-year growth of 4.6 percent. “Wage growth accelerated to 4.6 percent versus the prior year, which should help blunt the impact of strong inflation,” stated Long.
“NAFCU expects job gains to accelerate in October and for the Federal Reserve to remain on course to taper asset purchases at its November meeting,” concluded Long.
For more up-to-date economic updates from NAFCU's award-winning research team, view NAFCU's Macro Data Flash reports.
Add to Calendar 2021-10-21 14:00:00 2021-10-21 14:00:00 FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet If you have ever wanted to know what’s new in the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook, this is the session for you. In this webinar we will deconstruct the Architecture, Infrastructure & Operations (AIO) booklet by comparing the AIO booklet to the Operations booklet which it replaces. We dig into what’s new to AIO, including how the principles, design and content could impact your credit union during future IT exams. If you are a CISO, ISO, responsible for IT governance, or just want to stay on top of changes to IT regulatory guidelines, this session is for you. Key Takeaways Discover the key differences between the AIO booklet and the Operations booklet it replaces. Identify new principles in the AIO booklet as they relate to IT safety and soundness. Compare and contrast principles and concepts that overlap with the IT Security booklet. Review ideas on how to implement the AIO into your credit union’s Information Security Program. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until October 21, 2022.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMS) Chief Executive Officers Chief Financial Officers Chief Information Officers Chief Technology Officers Compliance, risk, and audit titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar NCCOs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet
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