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Saturday, May 25, 2019 3:32:05 PM EDT





Nonfarm Payrolls
Briefing.com Updated 03-May-19 09:22AM ET

Once again, the Employment Situation report pointed to strong headline growth and subdued inflationary pressure stemming from rising wages. Nonfarm payrolls increased by 263,000 while average hourly earnings were up just 0.2%, leaving them up 3.2% yr/yr, unchanged from what was seen in the March report.

April nonfarm payrolls increased by 263,000 (Briefing.com consensus 200,000). Over the past three months, job gains have averaged 169,000 per month. March nonfarm payrolls revised to 189,000 from 196,000. February nonfarm payrolls revised to 56,000 from 33,000.

April private sector payrolls increased by 236,000 (Briefing.com consensus 180,000). March private sector payrolls revised to 179,000 from 182,000. February private sector payrolls revised to 46,000 from 28,000.

April unemployment rate was 3.6% (Briefing.com consensus 3.8%), down from 3.8% in March. Persons unemployed for 27 weeks or more accounted for 21.1% of the unemployed, unchanged from March. The U6 unemployment rate, which accounts for unemployed and underemployed workers, was unchanged at 7.3%.

April average hourly earnings were up 0.2% (Briefing.com consensus 0.3%) after increasing a revised 0.2% (from 0.1%) in March. Over the last 12 months, average hourly earnings have risen 3.2%, unchanged from the March reading.

The average workweek in April was 34.4 hours (Briefing.com consensus 34.5) versus 34.5 hours in March. Manufacturing workweek was unchanged at 40.7 hours while factory overtime remained at 3.4 hours.

The labor force participation rate was 62.8% in April versus 63.0% in March.

The April report should support the Fed's case for staying on its current policy path.

 
APRMARFEBJANDEC
Establishment Survey
Nonfarm Payrolls263K189K56K312K227K
Goods-Producing34K21K-19K80K40K
Construction33K20K-23K56K16K
Manufacturing4K-0K8K17K20K
Service-Providing202K158K65K217K184K
Retail Trade-12K-16K-14K9K-6K
Financial12K13K5K6K1K
Business76K24K54K5K37K
Temporary help18K-6K7K-26K14K
Education/Health62K69K19K68K67K
Leisure/Hospitality34K37K-1K93K65K
Government27K10K10K15K3K
Average Workweek34.434.534.434.534.5
Production Workweek33.733.733.633.833.7
Factory Overtime4.34.44.44.54.5
Aggregate Hours Index-0.1%0.5%-0.3%0.2%0.5%
Avg Hourly Earnings0.2%0.2%0.4%0.1%0.4%
Household Survey
Household Survey
Civilian Unemp. Rate3.6%3.8%3.8%4.0%3.9%
Civilian Labor Force-490K-224K-45K-11K419K
Civilian Employed-103K-201K255K-251K142K
Civilian Unemployed-387K-24K-300K241K276K