() Washington – The nation’s unemployment rate rose to 9.6% in August as non-farm payrolls lost 54,000 jobs, but it was good news in that economists at large where forecasting double the unemployment figures for the month.

The U.S. Department of Labor revised June and July payroll figures to reflect more jobs being created in those months than previously forecast.  June payroll figures where revised upward to 61,000 from 31,000, while July figures where recast in positive territory to 107,000 from 71,000.

The U.S. unemployment rose from 9.5% in July to 9.6% in August.

The 54,000 job cuts in August where impacted by the temporary census worker positions coming to an end.  The government cut 114,000 temporary positions within the census worker pool.

Manufacturing cut 27,000 jobs in August, reflecting the first downturn this year.  State and local governments cut 10,000 jobs.

Economists where forecasting 100,000 to 110,000 job cuts from non-farm payrolls in August, so with the number coming in at half that amount stock futures showed gains in early pre-market trading in New York this morning.

The Dow was up 50 points, just shy of a 0.5% gain at 10,320.

The broader S&P 500 index was flat at 1,090, while the Nasdaq National Market Index was also unmoved at 2,200.

The benchmark 10-year treasury note rose 1.3600 to yield 2.7640%.

Crude oil remained stagnant at $74.96 per barrel.

Gold futures where down 10.70, or 0.85%, at $1,240.80 after having been up in postive territory at $1251 prior to the August payroll report’s release.

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Tags: August, Lessthanexpected August