The August Employment Report

The latest from the BLS on the employment situation is more of the same. There was essentially no net job growth — a decline of 54,000 consisting of a fall in government employment as Census workers finished up that was not quite offset by a rise in private sector employment. The official unemployment rate went from 9.5 to 9.6 percent and the broadest measure of labor underutilization (U-6) went from 16.5 to 16.7 percent. There is nothing in here that merits joy. Expect the spinmeisters to focus on the rise in private sector employment (up 763,000 since the low in December 2009) and the upward revisions (to smaller job losses) from the two prior months.

About Andrew Samwick 89 Articles

Affiliation: Dartmouth College

Andrew Samwick is a professor of economics and Director of the Nelson A. Rockefeller Center at Dartmouth College in Hanover, New Hampshire.

He is most widely known for his work on the economics of retirement, and his scholarly work has covered a range of topics, including pensions, saving, taxation, portfolio choice, and executive compensation.

In July 2003, Samwick joined the staff of the President's Council of Economic Advisers, serving for a year as its chief economist and helping to direct the work of about 20 economists in support of the three Presidential appointees on the Council.

Visit: Andrew Samwick's Page

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