–AHE +0.3% to +1.6% YOY, Reversing Mar Drop; Private Hiring Strengthens
By Joseph Plocek
WASHINGTON (MNI) – The April employment data were slightly stronger
than expected, with rising private hiring responsible for the bulk of
the 290,000 gain in payrolls, thus showing a recovering economy.
Jobs related to Census printed +66,000 in April and March-February
payrolls were revised up 121,000 overall.
Private payrolls rose 231,000 in April. Payrolls included:
manufacturing +44,000, construction +14,000, retail +12,400, finance
+3,000, services +80,000 (temporary help +26,200), health +20,100, and
leisure +45,000.
The unemployment rate rose 0.2 point to 9.9% as the labor force
jumped 805,000 and this is probably best ignored. As the economy
improves more workers search for jobs, and the labor force will probably
be boosted again in spring by graduates. It might be argued that more
people joining the labor force is another sign of strength or
at least of optimism.
The bottom line is that the economy has turned higher, confirmed by
higher hours and +0.3% Average Hourly Earnings for +1.6% over the year.
The latter offsets the unusual weakness in March.
One drawback is that this is so far another ‘jobless recovery’
where hiring is very cautious.
Details: Payrolls/Prior AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Apr +290k —- +1.6% 99.0 9.9% (9.8633%)
Mar +230k +162k +1.8% 98.5r 9.7% (9.7492%)
Feb +39k -14k —– 98.0r 9.7% (9.6872%)
** Market News International Washington Bureau: (202) 371-2121 **
[TOPICS: M$U$$$,MAUDS$,MT$$$$,MAUDR$]
