Courtesy of Mish.
Initial Reaction
Today’s employment report shows an increase of 160,000 jobs, well under the Bloomberg Econoday consensus estimate of 200,000 jobs and below the entire consensus range of 175,000 to 245,000.
Revisions took April from 215,000 down to 208,000.
The household survey was far weaker than the payroll survey. Employment actually declined by 316,000, with fulltime employment down 196,000.
Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.
BLS Jobs Statistics at a Glance
- Nonfarm Payroll: +160,000 – Establishment Survey
- Employment: -316,000 – Household Survey
- Unemployment: -46,000 – Household Survey
- Involuntary Part-Time Work: -161,000 – Household Survey
- Voluntary Part-Time Work: +41,000 – Household Survey
- Baseline Unemployment Rate: +0.0 to 5.0% – Household Survey
- U-6 unemployment: -0.1 to 9.7% – Household Survey
- Civilian Non-institutional Population: +201,000
- Civilian Labor Force: -362,000 – Household Survey
- Not in Labor Force: +562,000 – Household Survey
- Participation Rate: -0.2 at 62.8 – Household Survey
Employment Report
Please consider the Bureau of Labor Statistics (BLS) Current Employment Report.
