September 2nd 2011 CNBC Stock Market Squawk Box (August Jobs Report) Part 2 of 2

9/2/2011 - CNBC Stock Market Squawk Box (August Jobs Report) Part 2 of 2.

Apparently, the recent federal debt ceiling debate fiasco and stock market spooked businesses to put a hold on hiring. Payroll jobs were unchanged in August, following a revised 85,000 increase in July, and revised 20,000 in June. The market consensus (updated Thursday afternoon) called for 60,000 increase for the latest month. Revisions for June and July were down net 58,000. As in recent months, private sector employment was a little less weak since government jobs pulling down the total. Private nonfarm payrolls edged up 17,000 in August, following a 156,000 gain in July and 75,000 increase in June. The August figure came in sharply lower than the median estimate for a 75,000 increase.

Earnings growth fell back from the auto-sector induced jump in July. Average hourly earnings slipped 0.1 percent after jumping 0.5 percent in July. The market median estimate was for a 0.2 percent increase. The average workweek for all workers in August edged down to 34.2 hours from 34.3 in July. The consensus had called for 34.3 hours.

From the household survey, the unemployment rate posted at 9.1 percent, equaling the prior month and expectations.

Today's report clearly shows that momentum in the labor market has stalled. The curiosity is that while hiring has come to a standstill, layoffs have not picked up. Still, today's news is not good news for the economy and places more emphasis on the importance of President Barack Obama's upcoming plan for job creation and on whether the Fed will engage in QE3.

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