Wells Fargo--Dr. Sohn's "U.S. Unemployment"
U.S. Unemployment:
drsohn.com
berkshirehathaway.com
...As of 12/31/2000, Berkshire Hathaway owned 55,071,380 shares of Wells Fargo & Company.
Charts--Labor:
...Jobs ...http://www.martincapital.com/CHARTS/CH_jobs.HTM
...Costs ...http://www.martincapital.com/CHARTS/CH_labcs.HTM
...Workweek ...http://www.martincapital.com/CHARTS/CH_labwk.HTM
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Rearranged + boldface is mine.
>>> U.S. Unemployment
September 7, 2001
Date Indicator For Estimate Actual Previous Period
9/7/01 Total Nonfarm Employment August - 50 K -113 K 13 K
9/7/01 Unemployment Rate August 4.6 4.9 4.5
9/7/01 Average Hourly Earnings August 0.3 0.3 0.2
M/M% Chg
drsohn.com
Commentary:
The U.S. employment situation deteriorated markedly in August with non-farm payrolls declining 113,000, more than twice consensus expectations.
The bulk of the job losses came from the goods producing sector.
Manufacturing employment fell by 141,000 for the month, the largest decline this year.
As a result, the nation’s unemployment rate rose by 40 basis points to 4.9% in August.
... It’s highest level in four years.
Average hourly earnings meet consensus expectations rising 0.3% from a month ago, while the average workweek remained at a historically low 34.1 hours.
Industrial machinery and electrical equipment continued to post the largest employment declines in the durable goods industry, losing 25,000 and 19,000 respectively.
Furniture also lost 10,000 jobs in August.
Among non-durable goods manufacturers, apparel, chemicals, rubber, and plastics lost jobs.
Services and construction are still adding jobs, but at a sluggish pace.
Much of the growth in service jobs is coming from the health services and social services industry.
This employment report will raise concerns on Wall Street and at the Federal Reserve Board of an impending slide in consumer spending.
...Such a slide, particularly in the housing market, would make a near-term economic recovery difficult.<<< |
