Jobless numbers down to 8.1% but almost no one believes it (Updated)
A quickie as I have a busy morning that doesn’t include much blogging:
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 labor force participation rate has fallen to 63.6%, the lowest level since 1981.
I’m sure Dale will have more with his daily econ stats. Note how bad the underlying numbers are in the 4 bullet points. The weakness continues and continues to build.
UPDATE (Dale): I just need to offer a little correction to the quoted data above. Hourly earnings did not increase by 0.2%. Hourly earnings increased from $23.37 to $23.38. the 0.2% increase was the over-the-month percent change to the index of aggregate weekly payrolls, which is not the same thing as hourly earnings.