Unemployment rate falls two basis points to 5.2%
In August, white and latino unemployment fell, to 4.5% and 6.4% respectively, while black unemployment did see a rise to 8.8%
Unemployment in individuals holding less than high school education fell by 1.7% to 7.8%, in individuals with some college degree increased slightly to 5.1%
The headline missing estimates at 235K is the lowest since December. Also, we noted that the 1 std deviation in surprises is 341K.
BLS:
Employment in professional and business services increased by 74,000 in August. Employment rose in architectural and engineering services (+19,000), computer systems design and related services (+10,000), scientific research and development services (+7,000), and office administrative services (+6,000). Since February 2020, employment in professional and business services is down by 468,000, over half of which is in temporary help services (-262,000).
Manufacturing added 37,000 jobs in August, with gains in motor vehicles and parts (+24,000) and fabricated metal products (+7,000). Employment in manufacturing is down by 378,000 from its prepandemic level in February 2020.
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