US Jobs Report Revises Down Prior Estimates By 149,000
Employment is on the rise in the US, with the latest report by the US Bureau of Labor Statistics indicating this morning that nonfarm payroll employment rose by 253,000 jobs in the month of April.
The unemployment rate currently is said to sit at 3.4%, while the number of unemployed persons is numbered at 5.7 million. The biggest gains over the course of the month came from the professional and business services sector, which saw 45,000 jobs added, versus the average of 25,000.
In a positive move for labor, the average hourly earnings for all employees also rose, jumping 16 cents to $33.36, with average hourly earnings increasing by 4.4% over the last 12 months – which is in stark contrast to current levels of inflation.
Downward revisions for February and March
The big story on social media this morning however is the downward revisions for prior employment figures. The month of February saw its figure revised down to +248,000 jobs, a decline of 78,000 from the prior stated +326,000. The month of March meanwhile saw a downward revision of 71,000 jobs, dropping from +236,000 to +165,000. On a cumulative basis, the figures mean there were 149,000 less jobs than previously reported.
The changes are said to be a result of additional reports received from industry and government agencies since the initial figures were published, and from the “recalculation of seasonal factors.”
Given the size of the revisions, Zerohedge created a simple chart on the matter.
Others meanwhile question the motive behind the strategy.
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