Payrolls
October 03, 2008 at 09:47 AM EDT
[Skip to the end] From Karim: Broad-based weakness. Payrolls -159k, net revisions +4k. Unemployment rate rises from 6.055% to 6.125%. Avg hourly earnings up 0.2%. The shocker was hours worked down 0.5% and down 2% at annualized rate in Q3. Labor income = payrolls X average hourly earnings X hours worked. Hours data implies negative GDP in Q3 and very weak handoff to [...]
