Payrolls were strong, rising 290k, 100k above estimates and the private sector saw a gain of 231k, 131k higher than expected. The 2 prior months were revised up by a 121k. But, the unemployment rate rose .2 to 9.9% as the labor force rose by 805k and offset the household survey gain of 550k. The all in rate rose to 17.1% from 16.9%. Avg hourly hours worked rose to 34.1 from 34, the highest since Feb ’09 but avg hourly earnings were flat and are up just 1.6% y/o/y, thus below the rate of inflation. The other caveat was that the avg duration of unemployment rose to 33 weeks from 31.2, a fresh record high. Construction added jobs for a 2nd straight month and the financial sector saw a modest job gain. The B/D model added 188k jobs vs 126k in Apr ’09. Bottom line, the job growth was solid and we hope it continues but there is a belief that this is old news in that the world has changed over the past few weeks and global growth is now threatened.
April Payrolls solid but old news?
May 7, 2010 9:07am by
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