That is not a typo: last month, according to the Bureau of Labor Statistics, the economy added just 38,000 jobs to public- and private-sector, non-farm payrolls. That's considerably lower than economists estimated before this morning's release of the monthly The Employment Situation Summary; economists polled by Reuters predicted the addition of 162,000 jobs.
Hiring slowed in April, this morning's report from the Labor Department shows. Total nonfarm employment increased by 160,000 jobs, despite economists' earlier predictions that the report would reflect the addition of around 200,000 jobs to public- and private-sector payrolls. Unemployment remained at 5 percent.
There were no big surprises in this month's Employment Situation Summary from the Labor Department: the economy added 215,000 jobs, just exceeding economists' predictions, and the unemployment rate rose slightly, from 4.9 percent for February to 5 percent for March. Perhaps the biggest news, however, was wage growth. Average hourly earnings increased 7 cents to $25.43, after a 2-cent decline the previous month. But some experts feel that we're still not seeing the kind of wage growth expected from a market that's supposedly approaching full employment.
This morning's report from the Labor Department blew away analysts' expectations. Prior to the release of the monthly Employment Situation Summary, economists polled by Reuters were calling for the addition of 190,000 jobs to private payrolls. Instead, the report showed 242,000 jobs added, and an unemployment rate of 4.9 percent.
The monthly Employment Situation Summary, released this morning by the Bureau of Labor Statistics, showed the addition of 151,000 jobs to public and private, non-farm payrolls, and an unemployment rate of 4.9 percent, the lowest in eight years. Prior to the release, economists were predicting the addition of 190,000 jobs. In a mixed report, however, the real good news is wage growth.
After Wednesday's National Employment Report from ADP exceeded expectations by more than 60,000 jobs, it would have been disappointing if this morning's report from the Labor Department showed numbers that were merely in line with economists' predictions. Never fear: while economists polled by Reuters were looking for the addition of 195,000 jobs to nonfarm payrolls, the Employment Situation Summary reflected a blockbuster 292,000 added jobs. In addition, the previous two month's numbers were revised upward by a combined 50,000 jobs.
The monthly Employment Situation Summary, which measures jobs added to both public and private, non-farm payrolls, reflected the addition of 211,000 jobs in November and an unchanged unemployment rate of 5 percent. This was higher than the 200,000 jobs predicted by economists polled by Reuters ahead of the Department of Labor's release. In addition, the previous two month's numbers were revised upward, by +18,000 jobs for October and +8,000 jobs for September, respectively.