April Jobs Report: Well, That Was A Big Miss... But Look At The Composition

Board, Blackboard, Economy, Inflation, Money

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HEADLINES:

  • +266,000 million jobs added: 218,000 private sector plus 48,000 government. The alternate, and more volatile measure in the household report indicated a gain of 328,000 jobs, which factors into the unemployment and underemployment rates below.
  • U3 unemployment rate rose 0.1% to 6.1%, compared with the January 2020 low of 3.5%.
  • U6 underemployment rate declined 0.3% to 10.4%, compared with the January 2020 low of 6.9%.
  • Those on temporary layoff increased 88,000 to 2,114,000.
  • Permanent job losers increased 97,000 to 3,529,000.
  • February was revised upward by 68,000, while March was revised downward by 146,000, for a net loss of 78,000 jobs compared with previous reports.

Leading employment indicators of a slowdown or recession

I am still highlighting these because of their leading nature for the economy overall.  These were almost uniformly negative, their worst performance in a year: 

  • the average manufacturing workweek was unchanged at 41.6 hours. This is one of the 10 components of the LEI.
  • Manufacturing jobs declined 18,000. Since the beginning of the pandemic, manufacturing has still lost -515,000, or 4.0% of the total.
  • Construction jobs were unchanged. Since the beginning of the pandemic,  -14,000 construction jobs have been lost, or 0.2% of the total.
  • Residential construction jobs, which are even more leading, declined by 1,300. Since the beginning of the pandemic, there have still been almost 30,000 in gains in this sector.
  • temporary jobs decreased by 111,400. Since the beginning of the pandemic, there have still been 184,800 jobs lost, or 6.3% of all temporary jobs.
  • the number of people unemployed for 5 weeks or less rose fell by 79,000 to 2.414 million, 332,000 more than just before the pandemic hit.
  • Professional and business employment declined by 79,000, which is still 685,000, or about 3.2%, below its pre-pandemic peak.

Wages of non-managerial workers

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Disclaimer: This blog contains opinions and observations. It is not professional advice in any way, shape or form and should not be construed that way. In other words, buyer beware.

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