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Non-Farm Payroll Data for April was Decent

After a dismal report for March, the Non-Farm Payroll report for March was much better. 

April NFP: 211K
Forecast for April: 194K
March: 79K (revised down from 98K)

Unemployment Rate: 4.4%
Forecast: 4.6%
March: 4.5%

Average Hourly Earnings: 0.3%

Forecast: 0.3%
March: 0.1% (revised down from 0.2%) 

According to the Bureau of Labor Statistics, "Job gains occurred in leisure and hospitality, health care and social assistance, financial activities, and mining." 

Here's the rest of the report:

In April, leisure and hospitality added 55,000 jobs. Employment in food services and drinking places continued to trend up over the month (+26,000) and has increased by 260,000 over the year. 

Employment in health care and social assistance increased by 37,000 in April. Health care employment continued to trend up over the month (+20,000). This is in line with the industry's average monthly job growth during the first quarter of this year but below the average gain of 32,000 per month in 2016. Social assistance added 17,000 jobs in April, with all of the gain in individual and family services.

In April, financial activities added 19,000 jobs, with insurance carriers and related activities accounting for most of the gain (+14,000). Over the year, financial activities has added 173,000 jobs. Employment in mining rose by 9,000 in April, with most of the increase in support activities for mining (+7,000). Since a recent low in October 2016, mining has added 44,000 jobs, with three-fourths of the gain in support activities for mining.

Employment in professional and business services continued to trend up in April (+39,000). The industry has added 612,000 jobs over the past 12 months. 

Employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and government, showed little change over the month.

The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.4 hours in April. In manufacturing, the workweek edged up by 0.1 hour to 40.7 hours, and overtime edged down by 0.1 hour to 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by 0.1 hour to 33.7 hours. (See tables B-2 and B-7.)

In April, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $26.19. Over the year, average hourly earnings have risen by 65 cents, or 2.5 percent. In April, average hourly earnings of private-sector production and nonsupervisory employees increased by 6 cents to $21.96. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for February was revised up from +219,000 to +232,000, and the change for March was revised down from +98,000 to +79,000. With these revisions, employment gains in February and March combined were 6,000 lower than previously reported. Monthly revisions result from additional reports received from businesses since the last published estimates and from the recalculation of seasonal factors. Over the past 3 months, job gains have averaged 174,000.

(Latest NFP Report)

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