Nonfarm payroll employment grew by 39,000 jobs in August. Estimates for July employment growth were revised upward to 67,000, far higher than the previously estimated growth of 6,000 jobs. The revised July increase is well above the average monthly gain of 12,000 jobs in 2002:IIQ and the average monthly loss of 63,000 jobs in 2002:IQ, suggesting further improvement in the labor situation.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-09, pp. 12, 09.01.2002.