All Posts Tagged: employment report

U.S. Outlook: Job growth starts second quarter with a bang

Scott Anderson
Chief Economist

Job growth heated up in April as nonfarm payrolls increased a stronger than forecast 263,000 jobs, the best month for U.S. job growth since January.

Line of job applicants

The upside jobs surprise will keep the economic growth slowdown fears at bay for a while longer and starts the second quarter off on solid footing. This was a good week for the U.S. economy with big upside surprises on both productivity and job creation.

For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on May 3.

Key observations:
  • Job gains last month were broad-based and led by professional and business services (+76K), education and health care (+62K), leisure and hospitality (+34K), construction (+33K), and government (+27K).
  • Retail trade jobs declined by 12K in April and have been dropping now for three consecutive months. Manufacturing job growth has also been sputtering, increasing by only 4K jobs in April after being flat in March. Information jobs declined by 1K last month.
  • The unemployment rate dropped another two-tenths of a percentage point to 3.585% last month, hitting a new expansion low and reaching a new 49-year low milestone.
  • More people are leaving the labor force. The labor force plunged by 490K in April and has declined by 770K since January. The labor force participation rate was at 63.2% in January, but has slipped to 62.8% in April.

Read my full report.

April jobs gaints

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U.S. Outlook: Dark clouds on the horizon

Scott Anderson
Chief Economist
Graph showing projected slowdown in job growth in next few quarters

Financial volatility is on the rise and uncertainty is high enough to keep the FOMC in a holding pattern until the storm clouds dissipate.

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Instant Analysis: Employment report for March

Scott Anderson
Chief Economist
Carpenter varnishing a large board

The U.S. employment report for March was another piece of positive economic news.

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Instant Analysis: Employment report for June

Scott Anderson
Chief Economist
Attendees at a conference in front of large glass windows, the sun in the background.

Nothing in this report dissuades me that labor market progress continues — just not as fast as we would all like to see as the second quarter comes to a close. 

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