Jobs Report 5/3/2019

  • Nonfarm payroll increased by 263,000 in April
  • Unemployment rate declined to 3.6%
  • Notable job gains occurred in professional and business services, construction, health care, and social assistance.
  • Number of unemployed persons decreased by 387,000 to 5.8 million

Consensus estimate according to was 185,000 increase, so actual topped estimate significantly. Unemployment rate dropping was also not estimated, expectations were for it to remain unchanged at 3.8%. Unemployment rate of 3.6% is the lowest in 50 years. Average hourly earnings rose by 0.2 percent, which follows an increase of 0.1 percent in March.

Payrolls have now risen for 104 quarters in a row, and the economy has created more than 20 million jobs since the Great Recession ended in 2009. Hiring data for March was revised down slightly, while February’s weak 33,000 reading was revised to 56,000.

“It’s much more exciting than anyone had expected,” said Torsten Slok, chief international economist at Deutsche Bank. “No matter how you slice and dice this, it looks like the economy is doing fine.”

Only an economist can be excited by a jobs report…