Initial Claims, Productivity, Non Farms Payroll
BOE stayed at 4.5%, ECB stayed at 2.5%. Initial claims +5,000 last week to 322,000, the highest level since Nov. 19. Meanwhile, the number of people collecting unemployment checks rose by 21,000 to 2.46 million in the week ending April 22, the highest level in five weeks.
The number of long term unemployed remains stubbornly high after more than four years of expansion. There are still 1.3 million people who've been out of work longer than 27 weeks who are still looking for work.
Productivity for Q106 at an annual rate of +3.2% . Q106 Unit labor costs -- a key inflation gauge -- +2.5% in the nonfarm business sector. In the past year, productivity in the nonfarm sector +2.4%, while unit labor costs +1.4%.
Since the recession "ended", unit labor costs in the nonfinancial corporate sector are down 1.1%, while unit profits are up 87%. Productivity has increased 19% in that period; it now takes 81 workers to produce what 100 workers could in 2001.
Nonfarm payrolls +138,000 in April vs est. 200K. Average hourly earnings +3.8% in the past year, the biggest YOY gain since August 2001. Weekly earnings rose 0.8%, the biggest gain since August 1997. In the past year, weekly earnings are up 4.1%, the most in eight years.
The number of long term unemployed remains stubbornly high after more than four years of expansion. There are still 1.3 million people who've been out of work longer than 27 weeks who are still looking for work.
Productivity for Q106 at an annual rate of +3.2% . Q106 Unit labor costs -- a key inflation gauge -- +2.5% in the nonfarm business sector. In the past year, productivity in the nonfarm sector +2.4%, while unit labor costs +1.4%.
Since the recession "ended", unit labor costs in the nonfinancial corporate sector are down 1.1%, while unit profits are up 87%. Productivity has increased 19% in that period; it now takes 81 workers to produce what 100 workers could in 2001.
Nonfarm payrolls +138,000 in April vs est. 200K. Average hourly earnings +3.8% in the past year, the biggest YOY gain since August 2001. Weekly earnings rose 0.8%, the biggest gain since August 1997. In the past year, weekly earnings are up 4.1%, the most in eight years.
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