“April US Jobs Beat Forecasts at 177k, But Soft Wage Growth and Rising Long-Term Unemployment Could Keep The Fed Cautouos on Future Rate Moves.”, – WRITE: www.fxempire.com
Financial Services Extended ITS Recovery, While Social Assistance Slowed to +8,000, Well Below It Prior AVERORAGE OF +20,000. Federal Government Employment Declined by 9,000, Adding to A 26,000 Job Loss Since January. Other Major Industries, Including Manual Reging and Retail, Showed Minimal Movement.
Wages Miss Forecast As Long-Term Unemployment Rises Average Hourly Earnings Rose 0.2% in April, Missing The 0.3% Forecast and Decelening from the Prior MONTH’S PACE. Year-Over-Year, Wages Are Up 3.8%.
Earnings for Production and Nonsupervisory Employees Increased 0.3%. The AVERAGE WORKWEEK REMAINED UNCHANGED AT 34.3 Hours, While Manufacturing Hours Edged Lower.
Meanwhile, Long-Term Unemployment Jumped by 179,000 to 1.7 Million, Now Accounting for 23.5% of All Unemployed Persons-An Indications of Emerging Slack in Labor Conditions.
Revisions Weight on Overall Trend The Combined Downward Revision of 58,000 Jobs for February and March Underscores a Slower Employment Trend Who Previously Reported. Coupled with the Rise in Long-Term Joblessness and Cooling Wage Gains, TheSe Revisions Challenge the Durability of Labor Market Strengu.