Employment Situation Released On 5/2/2014 8:30:00 AM For Apr, 2014 Prior Prior Revised Consensus Consensus Range Actual Nonfarm Payrolls - M/M change 192,000 203,000 215,000 190,000 to 279,000 288,000 Unemployment Rate - Level 6.7 % 6.6 % 6.5 % to 6.7 % 6.3 % Average Hourly Earnings - M/M change 0.0 % 0.1 % 0.2 % 0.2 % to 0.3 % 0.0 % Av Workweek - All Employees 34.5 hrs 34.5 hrs 34.4 hrs to 34.5 hrs 34.5 hrs Private Payrolls - M/M change 192,000 202,000 213,000 183,000 to 277,000 273,000 Highlights The labor market is showing improvement but a key question is how much is catch up from adverse weather. Total nonfarm payroll jobs increased 288,000 in April after a 203,000 gain in March and a 222,000 increase in February. The net revision for the prior two months was up 36,000. Expectations for April were for 215,000.
The unemployment rate fell sharply to 6.3 percent from 6.7 percent in March. The consensus forecast 6.6 percent. A low participation rate contributed to the rate decline.
Turning back to the payroll portion of the report, goods-producing jobs rose 53,000 in April after a gain of 29,000 in March. Construction jumped 32,000 in April after a 17,000 gain the prior month. The construction increase suggests a weather effect. Manufacturing rose 12,000 in April, following an increase of 7,000 in March.
Private service-providing jobs increased 220,000, following a 173,000 advance in March.
Government jobs gained 15,000 after a rise of 1,000 in March.
Average weekly hours held steady at 34.5 hours. Average hourly earnings were unchanged after nudging up 0.1 percent in March.
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