Non Farm Payrolls; Factory Orders
Summary: Hook in mouth media headlines... A solid job report... nonfarm payrolls shows job cuts in April less severe than feared.
Factory orders improve with swing to positive. But the devil is in the details.
Nonfarm Payrolls Apr -20K vs prior -80K Full Report
Inside the number: Total private -29K; Unemployment Rate Apr 5.0% vs prior 5.1% vs one year ago 4.5%.
Table A-12: U-6 Total unemployed 9.2% vs 8.2% a year ago.
Emasculation continues: Goods producing -110K; construction -61K, manufacturing -46K; motor vehicles -17.1K.
Services +90K, retail trade -27K; professional +39K; education & health +52K; leisure & hospitality +18K
From Table A-1: Yoy; civilian noninstitutional population +1.945M; civilian labor force +1.415M; employed +618K; unemployed +797K; not in labor force +530K
As you can see above unemployment is outstripping employment by 33%.
Factory Orders Mar +1.4% vs -0.9% Full Report
Inside the number: Yoy: furniture -7%; motor vehicles -13.1%; defense aircraft +77.8%
New orders ex transport +2.2% vs -1.5%; ex defense +1.4% vs -1.1%; with unfilled orders +1.3% vs 0.0; leaving durable goods a paltry +0.1% vs -0.6%.
Table 5 New Orders: Motor vehicle -4.7% vs -3.5%; Yoy -11.4%; Capital goods -0.1% vs +0.4%;
non defense ex aircraft -1% vs -1.2% vs -1%. Consumer durable goods -5.6% vs -3.4%; Yoy -6.3%
Factory orders improve with swing to positive. But the devil is in the details.
Nonfarm Payrolls Apr -20K vs prior -80K Full Report
Inside the number: Total private -29K; Unemployment Rate Apr 5.0% vs prior 5.1% vs one year ago 4.5%.
Table A-12: U-6 Total unemployed 9.2% vs 8.2% a year ago.
Emasculation continues: Goods producing -110K; construction -61K, manufacturing -46K; motor vehicles -17.1K.
Services +90K, retail trade -27K; professional +39K; education & health +52K; leisure & hospitality +18K
From Table A-1: Yoy; civilian noninstitutional population +1.945M; civilian labor force +1.415M; employed +618K; unemployed +797K; not in labor force +530K
As you can see above unemployment is outstripping employment by 33%.
Factory Orders Mar +1.4% vs -0.9% Full Report
Inside the number: Yoy: furniture -7%; motor vehicles -13.1%; defense aircraft +77.8%
New orders ex transport +2.2% vs -1.5%; ex defense +1.4% vs -1.1%; with unfilled orders +1.3% vs 0.0; leaving durable goods a paltry +0.1% vs -0.6%.
Table 5 New Orders: Motor vehicle -4.7% vs -3.5%; Yoy -11.4%; Capital goods -0.1% vs +0.4%;
non defense ex aircraft -1% vs -1.2% vs -1%. Consumer durable goods -5.6% vs -3.4%; Yoy -6.3%
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