Quick job rundown
April payrolls grew by 115k, almost double the estimate of 65k and only partially offset by a combined downward revision to the two prior months of 16k. In contrast, the household survey saw a jobs decline of 226k and lower for the 4th straight month. Combine this with the decline in the labor force of 92k and the unemployment rate held at 4.3%. However, the all in unemployment rate rose 2 tenths to 8.2% which is the highest since December when it hit 8.4%. There was a 4 month high in those working part time because of ‘slack’ work and a 3 month high in those working part time because they can’t find full time work.
Driving the job gains were health/social assistance, again, of 54k and transportation/warehouse which contributed 30k. Retail hired a net 22k. Leisure/hospitality added 14k. Jobs were lost in financial services and information. The federal government too shed jobs.
On the goods side, manufacturing cut 2k jobs while construction hired 9k.
