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April job creation lackluster

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April job creation lackluster

160,000 jobs created misses expectations.

The US Bureau of Labor Statistics reported today that total nonfarm payroll employment rose 160,000 in April, and the unemployment rate remained flat at 5.0%. This was the lowest level of job creation in seven months.

Consensus estimates had expected an increase of 202,000 new jobs.

Job gains were primarily part-time, as full-time jobs declined by 253,000. Overall, job gains came from professional and business services, health care, and financial activities. Job losses continued in mining.

The historically low employment participation rate declined to 62.8%, still near its lowest level since the 1970s. 

On a more positive note, average hourly earnings for all employees on private nonfarm payrolls increased 8 cents to $25.53, and average hours worked per week increased 0.1 hour to 34.5 hours.

The full report can be found here. 

 

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