By Evelina M. Tainer, Chief Economist, Econoday
September 6, 2002

The employment situation for August came in nearly in line with expectations; the unemployment rate was lower than expected. While the jobless rate basically shows an almost stagnant labor market, it is not showing a deteriorating pace. We take good news where we can get it! Confidence surveys may show a sense of pessimism among consumers, but that didn't prevent motor vehicle sales from surging to their highest levels since last October when healthy incentives first began. Manufacturing is still a sore point, but it appears on the mend as well. All in all, it was a pretty decent week by economic recovery standards.