April Jobs Won’t Change Minds

marctomarket.com / by Marc Chandler / May 5, 2017

The US created 211k net new jobs in April, a sharp bounce back from the downwardly revised 79k gain in March.  It is the third month this year that the US created more than 200k new jobs.

The unemployment rate slipped to a new cyclical low of 4.4% from 4.5%.  This seems largely a function of the decline in the participation rate.  It eased to 62.9% from 63.0%  This matches the low for the year so far set in January.

Hourly earnings rose 0.3%, but the downward revision in March to 0.1% form 0.2%, means that the year-over-year rate eased to 2.5% from the initially reported 2.7% (and now revised to 2.6%).  The work week increased by 0.1% to 34.4 hours.  Although it does not sound like much, given the 150 mln employees, the gain in the work week is more than 400k full time equivalents.  This will likely impact output, income and consumption.  One unmitigated good news was that the underemployment rate (U-6) fell to 8.6% from 8.9%.  Last April it was at 9.7%.  It is the lowest since late 2007.


Read more ... source: The Bitcoin Channel

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