Courtesy of Mish.
Initial Reaction
Today’s employment report shows an increase of 215,000 jobs, very close to the Bloomberg consensus estimate of 210,000 jobs.
The Household Survey and Payroll Survey (Establishment Survey), were in sync this month. There was not another surge in part-time employment.
There were no major revisions.
Year-on-year hourly earnings are up a somewhat disappointing 2.3 percent. Average hours worked did not change, also a disappointment.
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: +215,000 – Establishment Survey
- Employment: +246,000 – Household Survey
- Unemployment: +151,000 – Household Survey
- Involuntary Part-Time Work: +135,000 – Household Survey
- Voluntary Part-Time Work: -187,000 – Household Survey
- Baseline Unemployment Rate: +0.1 to 5.0% – Household Survey
- U-6 unemployment: +0.1 to 9.8% – Household Survey
- Civilian Non-institutional Population: +191,000
- Civilian Labor Force: +396,000 – Household Survey
- Not in Labor Force: -206,000 – Household Survey
- Participation Rate: +0.1 at 63.0 – Household Survey
Employment Report
