The U.S. job less bad than expected
Anxiously awaited the U.S. employment figures for August were better than expected, according to the Department of Labor. If the U.S. economy as a whole has destroyed 54,000 jobs, the private sector alone has created 67,000 jobs. Economists had expected only about 41,000 new posts.
The private employment nevertheless displayed a marked decrease from the previous month, the companies have created 107,000 jobs in July, according to figures revised up sharply.
The Paris Bourse jumped in the wake of the publication of U.S. statistics, the CAC 40 gaining 1.43%, to 3683.54 points."If these figures are burying a little more second recession scenarios, they confirm the thesis of a slow recovery," nuance in a note economists Societe Generale CIB.
Only the number of private sector jobs is important, because the public continues to destroy temporary jobs created earlier this year for the population census and does not reflect the U.S. economy.
Job losses in the industry
"These figures are fairly good news," said Thomas Julian, an economist at Natixis. "The job creation in the services sector (67 000) has indeed succeeded in erasing the destruction of jobs in industry (27,000) and construction rebounded (19 000)."
The unemployment rate, calculated differently, increased only 0.1 percentage points to 9.6%."The current pace of job creation, lower than 100,000, not enough to lower the unemployment rate, economists emphasize Societe Generale CIB. On the other hand, the long-term unemployment has reached 42% in late August. A sign that worries the Fed, the U.S. central bank.
"The slowdown in job creation (especially in industry) seems to reflect the current slowdown in growth caused by the gradual disappearance of the stimulus," said Thomas Julian.
See also:
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"Alert on the American note
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