Economic Statistics for 3 May 13
Here are today’s statistics on the state of the economy:
The BLS reports that 165,000 net new jobs were created in April. The unemployment rate declined 0.1% to 7.5%. Average hourly earnings rose by 0.2%, but the average workweek declined to 34.4 hours. Overall, another lackluster report, but the internals of the Household survey are little better than they have been. 210,000 people entered the labor force, and 293,000 more people were employed than last month. Meanwhile, the labor force participation rate remained unchanged at a historically low 63.3%, while the employment-population ratio rose a single tick to 58.6. Even using the historical labor force participation rate, the real rate of unemployment declined slightly to 11.54% in April from 11.65% in March. Overall, a weak report, but with some small signs of improvement from last month.
Factory orders declined by -4.0% in March, showing weakness in all categories. Moreover, February’s orders were revised downwards to 1.9% from 3.0%.
The ISM Non-Mfg Index fell 1.3 points to 53.1 in April.