We already know that the quantity of the April jobs was disappointing, but what about the quality? Well, on one hand the BLS reported that based on the Household Survey, in April 253K full time jobs were lost so there’s that. But what did the Establishment Survey, which is the far more massaged one and thus the one that algos pay the most attention to, show?
As the chart at the bottom reveals, following the March job gains which were driven by low paying education/health and retail trade as well as the better paying construction worker jobs, in April retail trade saw a big drop (as we predicted would happen last month), construction work likewise exhausted its growth, while the old standbys of Education and Health and Leisure and Hospitality continued to increase, rising by 54K and 22K respectively. The biggest job growth category, however, was Professional and Business services (which typically includes part-time jobs although we break it out), which saw a 56K increase in April, the biggest move higher for this job group in years.
An interesting rebound was observed in manufacturing jobs, which after tumbling by almost 30K last month, saw a modest 4K increase in April.
On the other end, a surprising drop was seen in government workers, which declined by 11K, while the 8K drop in minin and logging workers was very much as expected as the shale drama continues.
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