Auto Industry: August 2017 Non-Farm Payroll Data
August 2017 non-farm payroll data
The US non-farm payroll data show the number of jobs added or lost each month in the country. The U.S. Bureau of Labor Statistics released the employment summary for August 2017 earlier this month. The non-farm payroll change figure for August stood at 156,000—much lower than the market’s expectation of 180,000.
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On the day that the August data were released, July’s non-farm payroll change of 209,000 was revised downward to 189,000, which added pessimism.
Non-seasonally adjusted data
On the non-seasonally adjusted basis, the August 2017 non-farm payroll data stood at 146,541—higher than 146,303 in July. Sectors like healthcare, manufacturing, and mining were among the top sectors where employment grew in August. There weren’t any key changes in employment data from other sectors like transportation and financial activities.
What does it mean for autos?
For the auto sector, non-farm payroll data act as key indicators. Healthy employment growth in the country along with rising wages could boost the purchasing power of consumers with higher disposable income. In general, higher disposable income encourages more people to buy expensive consumer goods like cars and trucks.
In August, the US non-seasonally adjusted non-farm payroll data improved. Overall, a continued uptrend in non-farm payroll data could be positive for US auto demand.
Visit Market Realist’s Autos page for updates on the industry.