by Bill McBride on 5/06/2011 08:30:00 AM
Friday, May 06, 2011
From the BLS:
Nonfarm payroll employment rose by 244,000 in April, and the unemployment rate edged up to 9.0 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in several service-providing industries, manufacturing, and mining.The following graph shows the employment population ratio, the participation rate, and the unemployment rate.
The change in total nonfarm payroll employment for February was revised from +194,000 to +235,000, and the change for March was revised from +216,000 to +221,000.
Click on graph for larger image in graph gallery.
The unemployment rate increased to 9.0% (red line).
The Labor Force Participation Rate was unchanged at 64.2% in April (blue line). This is the percentage of the working age population in the labor force. The participation rate is well below the 66% to 67% rate that was normal over the last 20 years, although some of the decline is due to the aging population.
The Employment-Population ratio decreased slightly to 58.4% in April (black line).
The second graph shows the job losses from the start of the employment recession, in percentage terms aligned at maximum job losses. The dotted line is ex-Census hiring.
The current employment recession is by far the worst recession since WWII in percentage terms, and 2nd worst in terms of the unemployment rate (only the early '80s recession with a peak of 10.8 percent was worse).
This was above expectations for payroll jobs, and below expectations for the unemployment rate. I'll have much more soon ...
Posted by Bill McBride on 5/06/2011 08:30:00 AM