The underlying details of the August employment report were even worse than the weaker-than-expected unchanged payrolls number. Revisions in July and June data show 58,000 fewer jobs than previous reported. “There is no excusing this miserable employment report that shows only very weak job creation in the private sector (held back by some 45,000 due to a strike at Verizon),” write John Ryding and Conrad de Quadros at RDQ Economics. The average workweek ticked down 0.1 hours to 34.2 hours in August and total hours worked fell 0.2%. Meanwhile average hourly earning also fell 0.1%, lowering year-on-year wage growth to 1.9% from 2.3%, RDQ adds.Fewer hours worked with declining productivity trends, as reported for the second quarter yesterday, implies a shrinking economy, at least in August. Fewer hours at lower pay crimps disposable income. Happy Labor Day.