Economic Reports 05/04/07
Summary: Media headline "weak jobs growth".... the largest employment drop since Nov 2002...
Aside from government, service McJobs & bedpan nurses... Real private industry job growth is non existent or negative.
Nonfarm Payrolls Apr +88K vs prior +177K Full Report
Inside the number: Unemployment Rate Apr 4.5% vs prior 4.4%. Mar revised down 3K; YTD revisions have deducted 26K jobs.
Table B-1: Housing tanking... construction -11K; building construction -5.9K; specialty trade contractors -4.5K.
Continued declines in goods producing jobs -26K; manufacturing -19K; durable goods -13K; non durable goods -6K; motor vehicles & parts -4.8K.
The erosion of the durable economy is now spilling over into general merchandising -41K; retail trade -26K; department stores -11.3K and trade, transportation, warehousing & utilities -13K.
Mortgage activity pullback even has the money shuffling roaches scurrying: financial activities -11K; finance and insurance -10.5K.
Credit intermediation and related activities -14.4K; depository credit intermediation -6.6K; commercial banking -8.3K.
Aside from government, service McJobs & bedpan nurses... Real private industry job growth is non existent or negative.
Nonfarm Payrolls Apr +88K vs prior +177K Full Report
Inside the number: Unemployment Rate Apr 4.5% vs prior 4.4%. Mar revised down 3K; YTD revisions have deducted 26K jobs.
Table B-1: Housing tanking... construction -11K; building construction -5.9K; specialty trade contractors -4.5K.
Continued declines in goods producing jobs -26K; manufacturing -19K; durable goods -13K; non durable goods -6K; motor vehicles & parts -4.8K.
The erosion of the durable economy is now spilling over into general merchandising -41K; retail trade -26K; department stores -11.3K and trade, transportation, warehousing & utilities -13K.
Mortgage activity pullback even has the money shuffling roaches scurrying: financial activities -11K; finance and insurance -10.5K.
Credit intermediation and related activities -14.4K; depository credit intermediation -6.6K; commercial banking -8.3K.
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