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Free AccessMNI DATA ANALYSIS: US April Payrolls Up 164k, 3.9% Rate>
--Hourly Earnings +0.1% After +0.2% in March, Y/Y Rate Still +2.6%
--Softer Than Expected Payrolls Follow +30k Revision To Feb-March
--Participation Rate Dips To 62.8% From 62.9% In March
By Kevin Kastner, Sara Haire and Holly Stokes
WASHINGTON (MNI) - The April employment report released Friday
showed the nonfarm payrolls gain was softer than the 185,000 level
expected by analysts and the 183,000 gain expected by the whisper
number, rising 164,000, but it followed a net upward revision of
30,000 in the previous two months.
However, a drop in the unemployment rate to 3.9% may garner more
attention at first, data released by the Bureau of Labor Statistic
Friday showed.
--HOURLY EARNINGS SOFTER THAN EXPECTED
Average hourly earnings rose only 0.1% in April, less than the
0.2% gain expected by analysts and the whisper number. As stated in an
MNI preview, there was a slight risk of an overestimate for hourly
earnings, so today's result confirms this trend.
Hourly earnings were close to being rounded up to 0.2%, with the
unrounded rate at 0.149% for April.
The 0.1% hourly earnings gain in April followed a 0.2% rise in
March, which itself was a downward adjustment from the 0.3% gain
reported previously. With downward revision to March, April marks the
third consecutive month of 2.6% year/year average hourly earnings.
The overall average workweek was unchanged at 34.5 hours, so the
combination of earnings and hours worked should be a small positive for
personal income growth in April.
--UNEMPLOYMENT RATE LOWEST SINCE 2000
The unemployment rate fell to 3.9% after holding steady at 4.1% for
several months, falling even lower than the 4.0% expected. When seen
unrounded, the rate fell to 3.9288% from 4.0708%. The labor force
participation rate fell to 62.8% in April from 62.9% in March.
The labor force fell by 236,000 after dipping by 158,000 last
month. Household employment rose on 3,000 in April, while the number of
unemployed fell by 239,000.
--MIXED PAYROLLS
There were solid payrolls gains for professional services (+54k),
construction (+17k), manufacturing (+24k), and health care (+29k).
These were offset by soft readings for retail (+2k) and wholesale
(-10k) payrolls.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$,MAUDR$,MT$$$$]
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.