To place the report 151,000 increase in the number of jobs in August in a little perspective, here are a few things to consider.
- The number of jobs created in August 2006 was about 150,000.
- The U. S. population has grown about 8% since August 2006.
- The number of live births in the U. S. in August 1998 was around 337,000.
- 151,000 is around 45% of 337,000.
- In constant dollars median weekly earnings are about 3% higher today than they were in 2006; in nominal dollars they’re about 20% higher.
- The category accounting for the largest part of the increase (20%) was food service.
- Employment in mining declined; employment in manufacturing was unchanged.
- The average workweek declined slightly.
- A considerable part of the jobs reported in the monthly employment situation report aren’t actually counted. They’re estimated taking into account a variety of factors including the number of businesses estimated to have started or closed their doors. The size of the adjustments is considerably larger than the total number of jobs reported.
Using 65 as the retirement age (probably just a bit lower) we have about 250,000 a month turning 65. 151,0000 is about 74% of 87,000. Need LFPR numbers to do this right (and other numbers and dates), but since we are doing back of the envelope…..
Steve
Thank you. That’s a worthwhile addition.
I should track down the number of those over 65 who are not working. The number of those who were working was not 100% and the number retiring is fewer than it used to be.
Here you go.