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employment
Economic Indicators
Jun 2, 2023
Bottom Line: Nonfarm payrolls rose sharply more than expected in May, and there were positive revisions to prior months. The three-month average of payroll gains rose from 222k to 283k as the trend rate of job growth was stable at...
May 5, 2023
Bottom Line: Nonfarm payrolls rose more than expected in April, but there were negative revisions to prior months that more than offset the better headline reading. The three-month average of payroll gains fell from 345k to 222k as the trend...
Apr 7, 2023
Bottom Line: Nonfarm payrolls rose as expected in March, up 236k, the slowest gains in over two years. Private sector job gains were particularly slow as government hiring jumped. Construction and manufacturing shed jobs, as did retail trade. Jobs in...
Mar 10, 2023
Bottom Line: Nonfarm payrolls rose more than expected in February. There were modest negative revisions to January's exceptionally strong numbers. The labor force participation rate rose modestly, pushing the unemployment rate higher. Average hourly earnings rose more slowly than expected.Job...
Feb 3, 2023
Bottom Line: Nonfarm payrolls rose sharply more than expected in January, jumping 517k with positive revisions to previously reported data. Seasonal adjustments, always big in January, had an even larger than usual upward impact, likely adding over 200k to the...
Jan 31, 2023
Bottom Line: Total employment costs including benefits and wages rose less than 1% in the 4th Quarter, continuing a modest deceleration in 2022. Benefit costs slowed most notably over the year, while wage and salary gains only slowed materially in...
Jan 6, 2023
Bottom Line: Nonfarm payroll gains in December were slightly stronger than expected, mostly offset by modest downward revisions to the prior two months. The unemployment rate fell two-tenths following annual revisions by the BLS and jobs gains in the household...
Nov 4, 2022
Bottom Line: Job gains were stronger than expected in October, and there were net upward revisions to previously reported data. At 261k, the gains were robust but still consistent with a modest deceleration in trend relative to the six- and...
Sep 2, 2022
Bottom Line: Job gains were moderately stronger than expected in August, up 315k, but negative revisions to previously reported subtracted over 100k jobs from the overall tally. The unemployment rate rose 0.2% to 3.7% as the household survey showed an...
Aug 5, 2022
Bottom Line: Job gains were sharply stronger than expected in July, adding 528k jobs with stronger average hourly earnings. The household employment report (used to calculate the unemployment rate) showed gains of 179k, notably lower than the establishment survey amid...
Jul 8, 2022
Bottom Line: Job gains were somewhat stronger than expected, even after accounting for modest negative revisions to prior data. Hourly earnings, perhaps the most critical metric for Fed policy at this point, rose as expected with modestly decelerating gains on...
Jun 3, 2022
Bottom Line: Job gains in April were somewhat stronger than expected with solid hiring across most sectors, wages modestly higher and the unemployment rate unchanged at 3.6%. Leisure and hospitality jobs led the gains again with restaurants and hotels hiring....
May 8, 2022
Bottom Line: Job gains in April were even better than expected, matching March's gains, which were revised only slightly to 428k. Gains were broad-based, with hiring rebounding notably in the warehousing and transportation-related sectors. Manufacturing job gains were also robust....