No jobs created in August in the US that was the grim picture today that was setting the markets back as the Dow is off some 200 points. Below are some of the key points:
Key Highlights:
At 0, the NFP number is a plunge of 85K, from a downward revised July, which was previously at 117. This is the biggest drop since September 2010
The Household Survey saw an increase of 331K in the number of employed
Average hourly earnings for all employees on private nonfarm payrolls decreased by 3 cents, or 0.1 percent, to $23.09. This decline followed an 11-cent gain in July. This is the first time the avg hourly earnings have been negative MoM since January 2008
Underemployment, U-6, rose to 16.2%, from 16.1% in July
The labor force rose to 153.6 million in August.
Ironically the only good news in the report, was what many have been indicating is a negative for months: namely that the Labor Force Participation rate actually rose for the first time in months from the nearly 30 year low of 63.9% to 64.0%
Below is a video of the market moves made in the Bund, Ftse and S&P
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