‘Jobs’ +173,000

Employment growth eased in August.  Here is the full report from BLS:  Employment Situation – August 2015

august payrolls

Growth continues to cluster in the services, as we have been noting for many months now.  That’s back-end stuff, with no predictions on how long this ‘back-end’ can endure.  Too many predictors have been dust binned as this cycle has ground on.

Meanwhile, manufacturing and mining have predictably lost jobs. *

* Thing 1 was predictable (for us anyway, back in July due to bearish moves in the Machine Tool industry) and Thing 2 only needs a review of long-term trends in metal (precious and industrial) prices to make sense.

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