The Employment Situation Survey was very bullish. We saw non-farm payrolls up 290,000 and a net upward revision of prior month of 121,000. Moreover, there was an over 230K improvement in both private sector jobs and job gains ex. census. And hours worked was up 0.1 hours, which you want to see to get income gains.
That’s the establishment survey. The household survey was even more bullish because we saw 500K addition of jobs and the increase in the unemployment rate from 9.7% to 9.9% suggests that people are coming back into the labour force now as the labour force increased by 805,000 in April alone. Forget about the 188,000 adjustment from the Birth/Death model. All you need to see is the household survey to know this is a good report. All of this is supportive of a self-sustaining recovery. One report is not enough, but it is a start.
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