Succinct Summation of Weeks Events 9.1.17 (plus How Work has Changed)

Concluding this Labor Day is once again the offer of the weekly summation.  Among the positives are Q2 GDP and ADP employment getting a substantial boost.  The more prominent negatives include nonfarm payrolls coming in way below expectations.  The bonus this Labor Day is a look at the changing intensity in the workplace, that in the last 44 years more than 4 times the percentage workers are now working considerably more than a 40 hour week, up to 26% in 2016 from 6% in 1973.  More Americans are working harder for fewer benefits.  How long can this be sustained?  Hope everyone had a great holiday.

Succinct Summation of Weeks Events 9.1.17

September 1, 2017 5:30pm by Barry Ritholtz

Succinct Summations for the week ending September 1st, 2017

Positives:

1. Q2 GDP was revised up from 2.6% to a 3% SAAR.
2. ADP employment came in at 237k versus a 185k expected reading.
3. Personal income rose 0.4% in July, in line with expectations.
4. ISM manufacturing rose from 56.3 to 58.8 and above the 56.6 expected.
5. Jobless claims remain low coming in at 236k with the 4-week average at 236.75k.
6.Consumer confidence rose from an already strong 121.1 to 122.9.
7. Chicago PMI continues to come in strong at 58.9, in line with expectations.

Negatives:

1. Nonfarm payrolls fell from 209k to 156k, below the 180k expected. Previous month revised down to 189k
2. Average hourly earnings rose 0.1% m/o/m and 2.5% y/o/y, both slightly below expectations.
3. Case-Shiller prices rose just 0.1% m/o/m, versus expectations for a 0.3% increase.
4. Consumer spending rose 0.3% in July, below the 0.4% expected increase.
5. The MBA mortgage composite index fell 2.3% w/o/w, its third straight decline.
6. PMI manufacturing fell from 53.5 to 52.8
7. Construction spending fell 0.6% m/o/m.

How Work Has Changed - The Big Picture

How Work Has Changed

September 4, 2017 3:00pm by Barry Ritholtz

Then and Now: The Big Shift at Work

Source: WSJGraphics

A couple generations ago, workers in the U.S. could expect a 9-to-5 schedule, retirement benefits, generous health insurance and a sense that they could spend years, even decades, at a single company. Today, workers have more flexibility over how they do their jobs and more control over what they do. But the safety net that once came with full-time work has frayed.

 The workday is getting longer.  In 1973, 6% of Americans complained of working excessive hours.

In 2016, 26% of workers say they usually worked more than 48 hours per week.