The April jobs report is a miss!There were just 115K new jobs created in April. That’s well below the 160K that was expected.
But unemployment rate fell from 8.2% to 8.1% and last month was revised from a gain of 121K to 166K.
So it was a disappointment, but not a catastrophe due to the revisions.
Other key numbers:
- The underemployment rate has stayed flat at 14.5%
- No improvement in weekly hours.
- Average hourly earnings grew 0.2% month over month.
- The labour force participation rate has fallen to 63.6%, the lowest level since 1981.
Markets have ticked lower now higher on the news…
And here’s some industry sub-sector data:
Employment in professional and business services increased by 62,000 in
April. Since a recent low point in September 2009, employment in this
industry has grown by 1.5 million. In April, employment in temporary help
services edged up by 21,000. Employment grew in architectural and
engineering services (+7,000) and in computer systems design and related
Retail trade employment rose by 29,000 over the month. General merchandise
stores added 21,000 jobs in April but has shown no definitive trend in recent
months. Employment in building material and garden supply stores continued to
trend up; the industry has added 19,000 jobs since December.
Health care continued to add jobs (+19,000) in April. Within the industry,
employment in ambulatory health care services, which includes home health care
and offices of physicians, rose by 15,000.
Within leisure and hospitality, employment in food services and drinking
places continued to trend up (+20,000) in April. Since February 2010, food
services and drinking places has added 576,000 jobs.
Manufacturing employment continued to trend up (+16,000) in April, with
job growth in fabricated metal products (+6,000) and machinery (+5,000).
Since its most recent employment low in January 2010, manufacturing has
added 489,000 jobs, largely in durable goods manufacturing.