The Obama Diary

****

Jason Furman: The Employment Situation In August

1. The private sector has added 10 million jobs over 54 straight months of job growth, extending the longest streak on record. Today we learned that total nonfarm payroll employment rose by 142,000 in August, mainly reflecting a 134,000 increase in private employment. Private-sector job growth was revised up for July and down for June for little total revisions. Over the past twelve months, private employment has risen by a total of 2.4 million.

3. The last time the economy added 10 million private-sector jobs over four-and-a-half years was November 1996 to April 2001. There are some notable differences between the current stretch of job gains and the one that began in 1996. In particular, the manufacturing sector has added more than 700,000 jobs over the last four-and-a-half years, while it lost more than 400,000 jobs during the 1996-2001 period. 4. On a not-seasonally-adjusted basis, local government educational services employment rose by more than 200,000 in August, continuing a recent trend that has seen an increasing number of these employees return to work before September.

More here

****

Businesses have added 10 mil jobs over 54 straight months, extending longest streak on record whitehouse.gov/blog/2014/09/0… http://t.co/9kSZqWTZwU

—
Jason Furman (@CEAChair) September 05, 2025

****

U.S. manufacturers surge again in August, ISM finds on.mktw.net/1nz9j3z

—
  (@MarketWatch) September 04, 2025

****

MarketWatch: U.S. Manufacturers Surge Again In August, ISM Finds

U.S. manufacturing companies grew in August at the fastest pace since March 2011, a survey of executives found. The Institute for Supply Management said its manufacturing index climbed to 59% last month from 57.1% in July. That easily beat the 56.1% forecast of economists surveyed by MarketWatch. Readings over 50% indicate more companies are expanding instead of shrinking.

More here

****

Chrysler has now posted 53 straight months of rising sales. never forget GOP, RW media wanted company to fail bloom.bg/1pImKn6 #bailut

—
Eric Boehlert (@EricBoehlert) September 03, 2025

****

Final August U.S. auto sales numbers from @Automotive_News : Sales up 5.5% to 1.59 million SAAR of 17.53 million, highest since Jan. 2006.

—
Nick Bunkley (@nickbunkley) September 03, 2025

****

Bloomberg: Chrysler Luring Toyota Owners Helps Lift U.S. Share

Chrysler is on an unprecedented winning streak. As Jeep benefits from consumers’ renewed attraction to SUVs, the company also has been aided by strong demand for Ram pickups and Town & Country minivans. That helped propel its U.S. sales up 12 percent last month, the largest increase of any major automaker, according to the average of eight analyst estimates compiled by Bloomberg. That would be Chrysler’s 53rd straight month of rising sales — about 4 1/2 years — after almost being given up for dead before its government-sponsored bankruptcy in 2009.

More here

****

****

Bloomberg: Saudi Arabia Oil Sales To U.S. Imperiled By Shale Boom

After years of keeping the price of crude sold to the U.S. low enough to maintain market share, Saudi Arabia is losing ground as the shale boom leaves U.S. refiners with ample supplies of inexpensive domestic oil. Arab Light crude for sale in the U.S. averaged 48 cents a barrel less than Light Louisiana Sweet, a Gulf Coast benchmark, in August, the narrowest discount in data compiled by Bloomberg back to 1991.

The U.S. imported 878,000 barrels of Saudi crude a day in the first four weeks of August, the least since 2009. Shale drilling has boosted U.S. oil output to the highest level since 1986. As refineries turn to lower-priced domestic oil to make fuel at a record pace, the Saudis and other foreign suppliers are left with dwindling slices of the market. In June, imports from Saudi Arabia accounted for the smallest share of crude processed at U.S. refineries since February 2010.

More here

****

The budget deficit next year is expected to be back below its 40-year average, says @USCBO. ( 1.usa.gov/1tUYRqZ) http://t.co/lbCs2K0YCt

—
Justin Wolfers (@JustinWolfers) August 27, 2025

****

U.S. factory orders jump 10.5% in July on aircraft contracts on.mktw.net/1nz9j3p

—
  (@MarketWatch) September 04, 2025

****

Jeffry Bartash: U.S. Factory Orders Jump 10.5% In July On Aircraft Contracts

Orders for goods produced in U.S. factories leaped 10.5% higher in July, as expected, owing to a big surge in contracts for commercial aircraft, the Commerce Department said Wednesday. Economists surveyed by MarketWatch had expected orders to climb nearly 11%. Factory orders also rose by a revised 1.5% in June instead of 1.1% as initially reported.

More here

****

Good news from the August jobs report, in 2 charts. vox.com/e/5874140

—
Vox (@voxdotcom) September 05, 2025

U.S. imported 878,000 barrels of Saudi crude a day in August, the least since 2009: bloom.bg/YcZySK http://t.co/7Z0PB8Aj3D

—
Bloomberg News (@BloombergNews) September 04, 2025