The overall change in non-farm payrolls was +151,000. The interesting piece was what happened to hours worked in that the aggregate hours worked increased a smidge over 0.4%, which is actually a very strong number. Government continues to be a drag, but not in the way that some who say that government is out of control would imagine as employment dropped 8,000. Interestingly, with revisions, the private sector has gained more than 100,000 jobs each of the last three months while government has averaged nearly 100,000 in losses.
Overall, this was actually a flat-out solid report and it does seem to echo what we saw in the ISM indices earlier this week. We still aren't going to make any meaningful dent in unemployment for several months even if we keep this rate up.
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