Looking underneath the headlines, two points ring out from today’s jobs report.

1) Men are getting hammered by this recession. The jobless rate for men hit 10.1% in August. This now matches the post World War II high hit in 1982. It’s even higher if you include teenagers; 10.9% unemployment for men and teen boys. That compares to a 7.6% jobless rate for women and an 8.2% rate for women and teen girls, which are well below their 1982 peaks. The attached chart shows it all. Men always do more poorly in downturns, in part because they tend to work in more cyclical industries. In this downturn, they’ve been in industries that got hit especially hard: construction, manufacturing and financial services. It would be worth looking at how this is playing out for President Barack Obama. Are his approval ratings getting hit harder among men? Probably.

>2) The economy is experiencing another huge increase in productivity in the third quarter. Nonfarm labor productivity grew at an annual rate of 6.6% in the second quarter. Look for something in that eye-popping range for the current quarter. Here’s a rough sketch of the numbers: Today’s jobs numbers showed that the Labor Department’s index of aggregate hours worked by Americans was at 98.9 in August, down steeply from a second quarter average of 99.7. That’s from a combination of job cuts, reductions in overtime and other cuts to work shifts. Let’s assume there’s no change in hours worked in September. That would mean the total amount of hours that Americans worked in the third quarter would be down at about a 2.8% annual rate. The economy seems to be on track to grow at an annual rate of 3% or more. More output and fewer hours worked means more productivity in the neighborhood of 6%. You’ll be hearing a lot of talk about a jobless recovery in the months ahead. The upside is that this is good for corporate profits. The downside is that workers will suffer even after the economy comes back.