Nonfarm Payrolls Rose 223K in April, Missing Views; Unemployment Fell to Lowest Since May 2008
- Futures tick up after Wall St selloff on jobs data
- JPMorgan, Morgan Stanley and Citi Discuss Outlook for US Stocks
- Avalara to go private in $8.4 billion deal with Vista Equity
- Flush with cash, Pfizer buys Global Blood Therapeutics in $5.4 billion deal
- Q2 Earnings Better Than Feared but Dollar Headwinds Will Get Worse in Q3 - BofA
(Updated - May 8, 2015 8:39 AM EDT)
Nonfarm Payrolls 223K vs 228K Expected, UE Rate 5.4% vs 5.4% Expected
UPDATE - More from the Bureau of Labor Statistics:
Total nonfarm payroll employment increased by 223,000 in April, and the unemployment rate was essentially unchanged at 5.4 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, and construction. Mining employment continued to decline.
Household Survey Data
In April, both the unemployment rate (5.4 percent) and the number of unemployed persons (8.5 million) were essentially unchanged. Over the year, the unemployment rate and the number of unemployed persons were down by 0.8 percentage point and 1.1 million, respectively. More.
Among the major worker groups, the unemployment rate for Asians increased to 4.4 percent. The rates for adult men (5.0 percent), adult women (4.9 percent), teenagers (17.1 percent), whites (4.7 percent), blacks (9.6 percent), and Hispanics (6.9 percent) showed little or no change in April.
The number of persons unemployed for less than 5 weeks increased by 241,000 to 2.7 million in April. The number of long-term unemployed (those jobless for 27 weeks or more) changed little at 2.5 million, accounting for 29.0 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has decreased by 888,000. More.
In April, the civilian labor force participation rate (62.8 percent) changed little. Since April 2014, the participation rate has remained within a narrow range of 62.7 percent to 62.9 percent. The employment-population ratio held at 59.3 percent in April and has been at this level since January.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 6.6 million in April, but is down by 880,000 from a year earlier. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job. More.
In April, 2.1 million persons were marginally attached to the labor force, little changed over the year. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. More.
Among the marginally attached, there were 756,000 discouraged workers in April, little different from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.4 million persons marginally attached to the labor force in April had not searched for work for reasons such as school attendance or family responsibilities.
Establishment Survey Data
Total nonfarm payroll employment rose by 223,000 in April, after edging up in March (+85,000). In April, employment increased in professional and business services, health care, and construction, while employment in mining continued to decline. (See table B-1.)Professional and business services added 62,000 jobs in April. Over the prior 3 months, job gains averaged 35,000 per month. In April, services to buildings and dwellings added 16,000 jobs, following little change in March. Employment continued to trend up in April in computer systems design and related services (+9,000), in business support services (+7,000), and in management and technical consulting services (+6,000).
Health care employment increased by 45,000 in April. Job growth was distributed among the three major components--ambulatory health care services (+25,000), hospitals (+12,000), and nursing and residential care facilities (+8,000). Over the past year, health care has added 390,000 jobs.
Employment in construction rose by 45,000 in April, after changing little in March. Over the past 12 months, construction has added 280,000 jobs. In April, job growth was concentrated in specialty trade contractors (+41,000), with employment gains about evenly split between the residential and nonresidential components. Employment declined over the month in nonresidential building construction (-8,000).
In April, employment continued to trend up in transportation and warehousing (+15,000).
Employment in mining fell by 15,000 in April, with most of the job loss in support activities for mining (-10,000) and in oil and gas extraction (-3,000). Since the beginning of the year, employment in mining has declined by 49,000, with losses concentrated in support activities for mining.
Employment in other major industries, including manufacturing, wholesale trade, retail trade, information, financial activities, leisure and hospitality, and government, showed little change
over the month.
The average workweek for all employees on private nonfarm payrolls remained at 34.5 hours in April. The manufacturing workweek for all employees edged down by 0.1 hour to 40.8 hours, and factory overtime edged down by 0.1 hour to 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours.
In April, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to $24.87. Over the past 12 months, average hourly earnings have increased by 2.2 percent. Average hourly earnings of private-sector production and nonsupervisory employees edged up by 2 cents to $20.90 in April.
The change in total nonfarm payroll employment for February was revised from +264,000 to +266,000, and the change for March was revised from +126,000 to +85,000. With these revisions, employment gains in February and March combined were 39,000 lower than previously reported. Over the past 3 months, job gains have averaged 191,000 per month.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pfizer (PFE) to Acquire Global Blood Therapeutics (GBT) for $5.4 Billion, $68.50 Per Share
- Treehouse Foods (THS) Tops Q2 EPS by 9c
- Krystal Biotech, Inc. (KRYS) Misses Q2 EPS by 9c
Create E-mail Alert Related CategoriesETFs, Economic Data, Trader Talk
Related EntitiesNonfarm Payrolls, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!