Just when everyone expected Washington to whack the jobs report – estimates were below 100,000 in some cases – surprise ….. 204,000 jobs. That’s the good news. Previous months were revised upward by over 60,000 jobs – even better news. The rest? Ugh.
Lackluster, tepid, listless or soft. Take your pick. The employment report indicates that job growth was slowing going into the government shutdown. Total jobs were only 148,000 and the unemployment rate fell to 7.2 percent only because of a very flat labor force growth. The October report will be weak, but the data suggest that this started before the government shutdown.
The jobs report disappointed. Despite stronger real-time data leading into the report, total jobs were a mere 169,000 and the unemployment rate fell to 7.3 percent only because labor force participation fell yet again. It’s as if the economy took a month off.
While the topline came in at 162,000 jobs and the unemployment rate ticked down to 7.4 percent, looking inside this report indicates real weakness. Hours were down, earnings were down, participation was down, and there were more part time workers.
Today’s jobs report appears to be a beauty to behold, but it still reflects a labor market just treading water.
Today’s jobs report was good across the board, but hardly overwhelming. The jobs numbers beat expectations – 175,000 in May – but net downward revisions to the past two months. The unemployment rate rose to 7.6 percent as labor force participation rose.
Today's jobs report was good, but not quite great. The jobs numbers were powerful – 165,000 in April and revisions to the past two months totaling 114,000 jobs. The unemployment rate fell to 7.5 percent even though labor force participation was unchanged. All good.
Today’s jobs report was awful – even those who expected spring swoon have to be as shocked as I am. The March job growth was 88,000 and the unemployment rate fell to 7.6 percent because discouraged workers fled the labor market. Hours of work and weekly earnings were flat, suggesting no foundation for household income growth.
Today’s jobs report was very strong – time to party like its 2008! February job growth was 236,000. The unemployment rate fell to 7.7 percent. Hours of work and weekly earnings showed strength, suggesting the foundation for household income growth.
Today’s jobs report was appropriately like Groundhog Day (which is tomorrow). January showed 157, 000 jobs and an unemployment rate of 7.9 percent. Yawn. The economy is simply drifting with no particular momentum.