People Not In Labor Force Hit New Record, Those Want Work

As People Not In Labor Force Hit New Record, Those Who "Want A Job Now" Jump By 232,000 In One Month

Submitted by Tyler Durden
05/06/2011 09:21 -0400
50 comments

Another observation from today's BLS data: while the labor participation rate may have remained flat, the total number of persons not in the labor force as an absolute number just hit a new all time record of 86.248 million, higher than the previous record hit in February of 86.216 million. And just as relevantly, the total number of "people who want a job now" jumped by 232,000 from March to April to 6.482 million, just short of the previous record of 6.643 million. Can someone please redirect all these people to the minimum wage, part time jobs that just opened up at US fast food retailers please?

http://www.zerohedge.com/article/people ... -one-month

NFP +244,000, 9% Unemployment, Birth/Death Adjustment +175,000

Submitted by Tyler Durden
05/06/2011 08:28 -0400
106 comments

And so much for all economic data indicating a drop. The BLS just reported the biggest monthly gain since February 2006. From the release: "Nonfarm payroll employment rose by 244,000 in April, and the unemployment rate edged up to 9.0 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in several service-providing industries, manufacturing, and mining." And yet: Birth/Death adjustment +175,000.

From the establishment survey:

Total nonfarm payroll employment increased by 244,000 in April, and the private sector added 268,000 jobs. Employment rose in a number of service-providing industries, manufacturing, and mining. Since a recent low in February 2010, total payroll employment has grown by 1.8 million. Privatesector employment has increased by 2.1 million over the same period.(See table B-1.)

In April, employment in retail trade rose by 57,000. Within the industry, employment in general merchandise stores increased by 27,000, offsetting a decline of similar magnitude in the prior month. Elsewhere in retail trade, April job gains occurred in electronics and appliance stores (+6,000), building material and garden supply stores (+6,000), and automobile dealers (+5,000).

Employment in professional and business services continued to expand in April, with an increase of 51,000. Job gains occurred in management andtechnical consulting services (+11,000) and in computer systems design and related services (+8,000). Employment in temporary help services was little changed over the month, following an increase of 34,000 in March.

Health care continued to add jobs in April (+37,000). Within health care, job gains continued in ambulatory health care (+22,000) and hospitals (+10,000).

Employment in leisure and hospitality continued to increase in April (+46,000). Over the past 3 months, this industry added 151,000 jobs, with nearly two-thirds of the growth in food services and drinking places.

Employment in both state government and local government continued to trend down, with April losses concentrated in the non-educational components.

Elsewhere in the service-providing sector, employment in information, financial activities, and transportation and warehousing changed little
in April.

In the goods-producing sector of the economy, manufacturing employment rose by 29,000 in April. Since reaching an employment low in December 2009, manufacturing has added 250,000 jobs, including 141,000 in 2011. Over the month, employment growth continued in machinery (+5,000), primary metals (+4,000), and computer and electronic products (+4,000).

Mining added 11,000 jobs in April. More than half of the gain occurred in support activities for mining. Since a recent low point in October 2009, employment in mining has increased by 107,000.

Construction employment was about unchanged in April. This industry has shown little net movement since early 2010, after having fallen sharply during the prior 3 years.

The average workweek for all employees on private nonfarm payrolls remained at 34.3 hours in April. The manufacturing workweek for all employees, at 40.4 hours, also was unchanged over the month, while factory overtime increased by 0.1 hour to 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged in April at 33.6 hours. (See tables B-2 and B-7.)

In April, average hourly earnings for all employees on private nonfarm payrolls increased by 3 cents, or 0.1 percent, to $22.95. Over the past 12 months, average hourly earnings increased by 1.9 percent. In April, average hourly earnings of private-sector production and nonsupervisory employees rose by 5 cents, or 0.3 percent, to $19.37. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for February was revised from +194,000 to +235,000, and the change for March was revised from +216,000 to +221,000.

http://www.zerohedge.com/article/nfp-24 ... employment

Today's Economic Data Docket - It's All About The NFP

Submitted by Tyler Durden
05/06/2011 07:18 -0400
11 comments

Given the many mixed signals in recent data, this month’s Employment Report could prove especially important:

7:30: Federal Reserve Vice Chair Janet Yellen on “Finance and Economic Growthâ€