(Oil & Gas 360)—Energy Market Assessment: The latest data on America’s employers shows that we are not in a recession or heading toward one. More prosperity-producing ingredients are needed.
Last Tuesday, the Bureau of Labor Statistics Job Openings and Labor Turnover (JOLTs) report showed that the number of non-farm job openings increased by 329,000 in August to 8.040 million (Figure 1, bold line).While that is down much from the end-of-2021 high, it is in growth territory, above the high prior to the big drop with the Coronavirus Recession dictated in 2020. And while the number of non-farm hires declined 99,000 in August, 5.317 million (line) is also up in economic growth territory.
Tuesday’s report was followed by Friday’s jobs report showing non-farm payroll employment increased a consensus-beating 254,000 in September to 159.105 million. It is on top of upward revisions of 55,000 for July and 17,000 for August.
Friday’s Household Survey showed an even bigger 430,000 job increase to 161.864 million that had the unemployment rate decline another 0.1% to 4.1%. It was 4.3% in July.
The number of Americans unemployed declining 281,000 to 6.834 million (red line) is another economic growth indicator. Growth needing more prosperity-producing ingredients be produced. Especially oil and natural gas.
While the Household Survey shows a larger monthly increase, 161.864 million is only 377,000 (0.2%) more year-over-year (YOY). The non-farm Survey showed a 2.332 million, 1.5% YOY increase.
We credit non-farm larger to it reflecting established employers, larger and better able to accommodate the major increase that has taken place in rules/regulations and dictates, more difficult for the smaller, newer employers in the Household Survey.
By Mike Smolinski with Energy Directions for oilandgas360.com
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