Another good news and bad news jobs report from the Bureau of Labor Statistics.
First, the good news. 211k jobs were added in April. And the U-3 unemployment rate fell to 4,4%, the lowest since May 2007. Since The Fed so heavily leans on the U-3 unemployment rate to guide their rate hike decision, this should be compelling information for the next FOMC meeting.
The U-6 UNDERemployment rate (including marginally attached workers) fell to 8.6% in April, also the lowest since 2007.
The labor force particpation rate fell slightly in April to 62.9%. It peaked in January 2000 at 67.3% in the waning days of the Clinton Administration. It has been all down hill from the point.
Now for the bad news. Yes, hourly wage growth YoY fell back to where it was at the end of The Great Recession. Great recovery when wage growth AFTER a recession is slower than before or DURING the recession.
And yes, there are 94.8 MILLION people not in the labor force (retirees, students, those who have given up working, etc).
Leisure and hospitality is once again the leading sector for jobs added!
It looks like Lloyd the bartender from “The Shining” is back in business!
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