US DATA: Apr employment report was modest as payrolls +115k but Feb-Mar
revs totaled +53k, putting overall picture about as expected. Unemploymt
rate continued to fall, -0.1 to 8.1%, a low since 7.8% in Jan’09. But
that reflected further slippage in labor force participation, now 63.6%,
a low since 1981. Payrolls incl: mfg +16k, construction -2k, retail
+29.3k, healthcare +19k, restaurants +19.7k, temp +21.1k; govt -15k,
mainly in local ed and transport -16.6k (some due to Easter effect on
school bus drivers). Pvt AHE +3c and hours gained, suggesting rises in
incomes and IP. So overall this report suggests more modest growth.
Details: Payrolls/Prior Pv AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Apr +115k —- +1.70% 103.6 8.1% (8.0977%)
Mar +154k +120k +1.76% 103.5r 8.2% (8.1916%)
Feb +259k +240k +1.60% 103.3 8.3% (8.2688%)