The Week in Review

Live Well | Do Good

The Week in Review

9/9/2024

🗞️The week after Labor Day was, fittingly, mostly about jobs. Here’s a quick breakdown:

👷🏼 The ISM Manufacturing Index rose to 47.2 in August but still missed expectations. Manufacturing has now contracted for 21 of the last 22 months. In August, twelve of the eighteen major industries reported contraction, with only five growing and one staying flat. Even though the overall index showed an uptick, the core components—demand and output—actually worsened.

🐕‍🦺 On the services side, the ISM Non-Manufacturing Index inched up to 51.5, continuing its recent shaky performance. Growth was split, with ten service industries expanding and seven contracting.

👩🏽‍🌾 Nonfarm payrolls increased by 142,000 in August. While job growth continued, the news was mixed. Revisions for June and July left us with a net gain of just 56,000 jobs.

🗓️ Each August, the BLS releases preliminary payroll revisions, with final numbers in February. Initially, the estimate was that 2.9 million jobs had been added over the past year. However, new data, based on state unemployment tax records showed that the actual figure is closer to 2.1 million. This revision, a drop of 818,000 jobs, could be the largest downward adjustment since 2009. Cue the conspiracy theorists who claimed the government was covering the job situation in an election year. However, this is totally normal due to the limits of statistical sampling. (CLICK HERE for more on the issues with government statistics.) And it isn't even the end of the story. Since recent years have seen upward revisions in the final counts, this preliminary estimate might improve come early next year.

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Patrick Huey

Patrick Huey is a small business owner and the author of two books on history and finance as well as the highly-rated recently-released fictional work Hell: A Novel. As owner of Victory Independent Planning, LLC, Patrick works with families and non-profit organizations. He is a CERTIFIED FINANCIAL PLANNER™ professional, Chartered Advisor in Philanthropy® and an Accredited Tax Preparer. He earned a Bachelor’s degree in History from the University of Pittsburgh, and a Master of Business Administration from Arizona State University.

Patrick previously served as a Naval Flight Officer from 1996-2005, earning the Strike Fighter Air Medal during combat operations and two Navy Achievement Medals.In his spare time you can find him on the golf course, the tennis court, volunteering with Our Daily Bread Food Pantry and occasionally acting at the Arts Center Theatre.

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