April US non-farm payrolls marked the largest monthly increase since March 2006 with an increase of 290,000. Expectations were for gains of 200,000 (+/-20k) and for a 9.7% print on the unemployment rate. While payrolls came on the positive side, the actual unemployment rate posted a read of +0.2% higher than the previous three months to 9.9%. Some of the payroll gains were attributed to expanding manufacturing payrolls (+44,000) and 66,000 new census workers. Overall, it was an upbeat report on improving labor market conditions. Of concern was the unexpected jump in the unemployment rate, which tempered some of the initial positive momentum. Treasury prices initially broke down into new lows for the session, while equities rallied. The dollar index caught a bid, helping it to pair some of early losses.
The Bureau of Labor statistics reading of out-of-workers greater than 27-weeks continued to inch higher and now comprises 45.9% of the total jobless.
April Non-Farm Payrolls
by Research on May 7, 2010
April US non-farm payrolls marked the largest monthly increase since March 2006 with an increase of 290,000. Expectations were for gains of 200,000 (+/-20k) and for a 9.7% print on the unemployment rate. While payrolls came on the positive side, the actual unemployment rate posted a read of +0.2% higher than the previous three months to 9.9%. Some of the payroll gains were attributed to expanding manufacturing payrolls (+44,000) and 66,000 new census workers. Overall, it was an upbeat report on improving labor market conditions. Of concern was the unexpected jump in the unemployment rate, which tempered some of the initial positive momentum. Treasury prices initially broke down into new lows for the session, while equities rallied. The dollar index caught a bid, helping it to pair some of early losses.
The Bureau of Labor statistics reading of out-of-workers greater than 27-weeks continued to inch higher and now comprises 45.9% of the total jobless.
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