Meme of the Week: August Payrolls vs. Annual Revisions
What The Data Mean for the Modern Investor
👩🏽🌾 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. 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.
Do you need help understanding how data impacts your investment and retirement plans? Message me and let's chat!
🎯Patrick Huey is a small business owner and the author of three 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.
👉🏻 Reach him at 877-234-8957 or schedule a time to talk using this link: https://live.vcita.com/site/VictoryIndependentPlanning/online-scheduling?service=qqnvdgx7ri5j5czq