In the blink of an eye, the prospect of an end-of-year rebound collapsed, and the policy chatter changed from interest rates possibly moving higher to the necessity for further easing in rates.
As usual, little attention was given to the "other" set of employment figures, those generated by household survey. Good thing, since that would have ruined the weekend entirely.
Household employment fell by a whopping 342,000 jobs, or more than four times the drop in payroll employment.
More important from our perspective, the Hispanic workforce, comprised disproportionately of legal and illegal immigrants, enjoyed an increase in jobs despite the general bloodbath.Â Here are employment figures for August:
But after eight straight months of national job loss, the displacement of American workers is still evident. Here are year-to-date (January through August) employment figures:
The trends in Hispanic and non-Hispanic employment since the start of the Bush Administration are tracked the following graphic:
Since January 2001 Hispanic employment has increased by 4,343,000, or 26.9 percent, while non-Hispanic employment grew by 3,367,000, or 2.8 percent.
The ratio of Hispanic to non-Hispanic job indexes, which we call VDAWDI (the V-Dare.com American Worker Displacement Index), rose to 123.5 in August from 123.0 in July.
The record high for VDAWDI, 124.1, was recorded in August 2007 - the month that U.S. economic growth started to decelerate.