Posted on 05/03/2013 6:39:54 AM PDT by blam
GREAT JOBS REPORT: UNEMPLOYMENT RATE FALLS TO 7.5%, BIG UPWARD REVISIONS, 165,000 NEW JOBS
Joe Weisenthal
May 3, 2013
The April number is out and it's good all around!
This is a major relief for the economy, as people have been worried about slowing data.
The 165,000 new jobs was above the 140,000 that was expected.
The unemployment rate fell to 7.5%. It was expected to stay flat at 7.6%.
And there were big upward revisions to last month, which was originally really weak.
Here's what the announcement says about revisions, which were strong for both March and February.
The change in total nonfarm payroll employment for February was revised from +268,000 to +332,000, and the change for March was revised from +88,000 to +138,000. With these revisions, employment gains in February and March combined were 114,000 higher than previously reported.
This is just one report, but it's a huge relief, given the apparent weakening in data lately.
In terms of breakdown by industry, there was a nice 29,000 increase in retail sales, which is great, given that this was weak in March.
And here's another number indicating that the consumer is doing good: "Within leisure and hospitality, employment in food services and drinking places rose by 38,000 over the month."
The public sector shed another 11,000 jobs.
The full report is here.
(Excerpt) Read more at businessinsider.com ...
"Still, details of the report remained consistent with a slowdown in economic activity. Construction employment fell for the first time since May, while manufacturing payrolls were flat. The average workweek pulled off a nine-month high, but average hourly earnings rose four cents[.]"
“”And here’s another number indicating that the consumer is doing good: “Within leisure and hospitality, employment in food services and drinking places rose by 38,000 over the month.””””
Yes, jobs at McDonalds and Starbucks are the career goals of so many. /SSSS
Slow grinding recovery grinds slowly upward. Only a paranoid idiot with no awareness of the operation of the economy still denies it. Let’s see how many are on this forum.
blam ~:”.. another number indicating that the consumer is doing good “
It must be that the ‘elites’ and the Gulag is hireing !!
I hope this will not be taken as a green light for more destructive policies, regulations, higher taxes, and wasteful spending. Perhaps it will be taken as a green light for the Sequester: Republicans “slashed” the rate of federal spending growth, and that produced the best jobs numbers in five years.
Knock, knock, knock
yes?
Housekeeping...
Is that you, Mark Zandi?
“The average workweek for all employees on private nonfarm payrolls decreased by 0.2 hour in April to 34.4 hours.”
or the equivalent of 700k jobs lost...
http://market-ticker.org/akcs-www?post=220385
LLS
That is a great point and one reason to treat all government farmed statistics with a healthy dose of skepticism. The devil is in the detail.
Its great news - as long as the workforce participation rate is ignored.
How many of those ‘new jobs’ are “full time” ?
Ever try to budget family expenses on a part-time pay ?
Is this because many of the fast food restaurants are hiring 30 hour jobs to avoid Obamacare?
Pray for America to Wake Up
Yet, had Romney or McLame won, the narrative would be “Depressipn 2.0” . . .
Only to be revised downward later?
From Karl Denniger: “This is a problem. If we look at the “employed” figure of 143,724,000 people a drop of 0.2 hours is a full-time-equivalent decrease of 1/2%. Applied to the employed population this amounts to an imputed economic decrease of 718,620 jobs!
That is, the loss of work-week hours of just 0.2 is the same economic impact as firing 700,000 people!
There is a huge problem coming this year and into next in this regard as the trend of cutting hours back to get under Obamacare limits is picking up steam and will continue.”
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