The number is out…. It’s bad.
There were just 69K net new jobs created in May. That’s well below the Wall Street consensus of 150K.
Unemployment ticks up to 8.2%. It was 8.1% last month.
The market hates the news. Dow futures are off 202 points.
But what about revisions to past months? In the past they’ve been getting revised up.
But they were ugly too.
Last month was revised down from 115K to 77K.
Here’s a bunch of stuff from the report, which you can read in full here.
Nonfarm payroll employment changed little in May (+69,000), and the unemployment rate
was essentially unchanged at 8.2 per cent, the U.S. Bureau of labour Statistics reported
today. Employment increased in health care, transportation and warehousing, and wholesale
trade but declined in construction. Employment was little changed in most other major
Household Survey Data
Both the number of unemployed persons (12.7 million) and the unemployment rate (8.2
per cent) changed little in May. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (7.8 per cent) and
Hispanics (11.0 per cent) edged up in May, while the rates for adult women (7.4 per cent),
teenagers (24.6 per cent), whites (7.4 per cent), and blacks (13.6 per cent) showed little
or no change. The jobless rate for Asians was 5.2 per cent in May (not seasonally
adjusted), down from 7.0 per cent a year earlier. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) rose from 5.1
to 5.4 million in May. These individuals accounted for 42.8 per cent of the unemployed.
(See table A-12.)
The civilian labour force participation rate increased in May by 0.2 percentage point
to 63.8 per cent, offsetting a decline of the same amount in April. The employment-
population ratio edged up to 58.6 per cent in May. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) edged up to 8.1 million over the month. These
individuals were working part time because their hours had been cut back or because
they were unable to find a full-time job. (See table A-8.)
In May, 2.4 million persons were marginally attached to the labour force, up from 2.2
million a year earlier. (The data are not seasonally adjusted.) These individuals were
not in the labour force, wanted and were available for work, and had looked for a job
sometime in the prior 12 months. They were not counted as unemployed because they had
not searched for work in the 4 weeks preceding the survey. (See table A-16.)
Among the marginally attached, there were 830,000 discouraged workers in May, about the
same as a year earlier. (The data are not seasonally adjusted.) Discouraged workers are
persons not currently looking for work because they believe no jobs are available for
them. The remaining 1.6 million persons marginally attached to the labour force in May
had not searched for work in the 4 weeks preceding the survey for reasons such as school
attendance or family responsibilities. (See table A-16.)
LOTS AND LOTS MORE TO COME…
ORIGINAL POST: This is it, folks!
The most closely watched indicator in the world, the US Non-Farm Payrolls Report, comes out at 8:30 AM ET.
Analyst expect to see 150K net new jobs created in the month. That’s up from 115K last month, but it’s still mediocre. The unemployment rate is expected to hold steady at 8.1%.
The numbers comes amid a serious market downdraft and a slew of bad data including weak US economic news and bad manufacturing data from all around the globe.
In addition to the Wall Street consensus estimate, there are other predictions.
The Twitter crowdsourced prediction is just 112K.
Ahead of the report, the S&P is off over 1% and Dow futures are down 111.
Watch below what the aftershock of these disastrous results would mean in the days and weeks ahead:
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