Fake +290K Payrolls "Added",
Real Number Is 36K After Census And Birth-Death,
Unemployment Goes Back To 9.9%,
Underemployment At 17.1%
Submitted by Tyler Durden on 05/07/2010 07:40 -0500
290K of which census was 66k and Birth Death was 188k. Hurray -the economy added a real 36k in jobs in April. Still, we are curious how the Chairman will not be forced to discuss tightening after this B/D adjustment inspired number (188K in April B/D, 81K in March). And in the meantime, headlines will read Unemployment back to 9.9%, and Underemployment back to 17.1%. Record jittery market bounces than calms down again.
payroll employment rose by 290,000
in April, the unemployment rate edged up to 9.9 percent,
and the labor force increased sharply, the U.S. Bureau of Labor Statistics
reported today. Job gains occurred in manufacturing, professional and business
services, health care, and leisure and hospitality. Federal government
employment also rose, reflecting continued hiring
of temporary workers for Census 2010.
Household Survey Data
In April, the number of unemployed persons was 15.3 million, and the unemployment rate edged up to 9.9 percent. The rate had been 9.7 percent for the first 3 months of this year. (See table A-1.)
Establishment Survey Data
In April, nonfarm payroll employment rose by 290,000. Sizable employment gains occurred in manufacturing, professional and business services, health care, and in leisure and hospitality. Federal government employment increased due to the hiring of temporary workers for Census 2010. Since December, nonfarm payroll employment has expanded by 573,000, with 483,000 jobs added in the private sector. The vast majority of job growth occurred during the last 2 months. (See table B-1.)
Average hourly earnings of all employees in the private nonfarm sector increased by 1 cent to $22.47 in April. Over the past 12 months, average hourly earnings have increased by 1.6 percent. In April, average hourly earnings of private-sector production and nonsupervisory employees increased by 5 cents to $18.96. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for February was revised from -14,000 to +39,000, and the change for March was revised from 162,000 to 230,000.