Bad jobs news, just less bad than expectations
We just got another month of bad job market news. The economy shed 539,000 workers in April, the 16th month in a row of declines. But that was slightly better than the -600,000 number the market was expecting.
On the negative side, the March reading was revised higher to -699k from -663k. Meanwhile, the unemployment rate jumped from 8.5% to 8.9%, in line with expectations but the highest since September 1983. Average hourly earnings gained just 0.1%, versus forecasts for a reading of +0.2%.
On the negative side, the March reading was revised higher to -699k from -663k. Meanwhile, the unemployment rate jumped from 8.5% to 8.9%, in line with expectations but the highest since September 1983. Average hourly earnings gained just 0.1%, versus forecasts for a reading of +0.2%.
posted by Mike Larson at
8:55 AM
1 Comments:
Birth/Death model ADDED 220k jobs, while *government census hiring* for 2010 ADDED 66k.
Mix those into today's reported number, and you reach the upper-end of analyst expectations, at 810k jobs lost for April.
Believe what they tell you to see, and I'll believe what I see.
By
ComradePoint, at May 8, 2009 at 10:19 AM
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