Now, Here's Your Jobs Report Cheat Sheet

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We already mentioned why today’s jobs report is a bigger deal than normal. Go read that first if you haven’t yet.

Now let’s talk numbers, so that you have a cheat sheet.

  • Analysts are expecting 185K new jobs created in March. This is down from 192K last month.
  • For the private sector, the expectation is for 200K. (By implication, then, the public sector will have shed about 15K). This is down from 222K last month.
  • The headline unemployment rate is expected 8.8%. This would be a slight improvement from last month, but again, this number is so based on people leaving or entering the jobs market, that nobody seems to care much about it.
  • Manufacturing payrolls are expected to grow 30K.

Meanwhile, let’s go over some other numbers:

  • Earlier this week we got March ADP showing 201K new private sector jobs.
  • Layoffs in March were the lightest in years.

And as for internals, here’s a look at what we saw last month:

  • “Real” unemployment, or U-6, which tries to measure people who are disaffected and out of the work forced stood at 15.9%.
  • Average weekly earnings for the private sector were $782.15.
  • The average workweek in February was flat at 34.2.
  • Mean duration of unemployment grew a little bit to 37.1 weeks.

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