August Employment Situation: Pronounced Weakness Confirms Recession Is Underway |
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August Employment Situation: Pronounced Weakness Confirms Recession Is Underway Civilian Unemployment Rate: 6.1% in August vs. 5.7% in July; cycle low is 4.4% in March 2007 Payroll Employment: -84,000 in July vs. -60,000 in July, net loss of 58,000 jobs after revisions of payroll estimates for June and July. Hourly earnings: +7 cents to $18.14, 3.6% yoy change vs. 3.4% yoy change in July; cycle high is 4.28% yoy change in Dec. 2006. Household Survey – The civilian unemployment rate rose to
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