Nonfarm payrolls fell 54,000, the Labor Department said on Friday as temporary jobs to conduct the decennial dropped by 114,000.
Private employment, considered a better gauge of labor market health, increased 67,000 after a revised 107,000 gain in July. In addition, the government revised payrolls for June and July to show 123,000 fewer jobs lost than previously reported.
The decline in payrolls was about half as large as expected. Analysts polled by Reuters had forecast overall employment falling 100,000 and private-sector hiring increasing 41,000.
Following an awful number from ADP on Wednesday, the predictions were downright awful. So, the numbers beat expectations and the Dow is up over one hundred points.
The hours worked weekly stayed the same at 34.2 hours and the unemployment rate inched up to 9.6%. Though, that maybe somewhat good news as that's because more people came back into the workforce. The unemployment rate including discouraged and underemployed is at about 18%. Watch for the president to proclaim that we've gained private sector jobs for the seventh straight month, and, in fact, the number for July was revised up over 100k.