Did We Gain or Lose Jobs in April?


The Bureau of Labor Statistics released their Jobs Report last Friday and here are the details—
· Our economy created 428k new jobs last month according to the employer survey.
· The household survey showed 353k job losses while the labor force decreased by 363k which kept the unemployment rate steady at 3.6%; but for the wrong reasons.
· The labor force participation rate dropped from 62.4% to 62.2% in April
· There are nearly 6 million people who say they want a job but haven’t looked for a job in the last 4 weeks. When you include these people the U-6 Unemployment Rate is 7%.
· Average weekly earnings were up 0.4% from March and are up 4.6% year over year. So, earnings are not increasing as fast as inflation anymore.