Global| Jun 06 2014U.S. Payroll Increase Moderates; Jobless Rate is Stable at Six-Year Low
by:Tom Moeller
|in:Economy in Brief
Summary
Nonfarm payrolls increased 217,000 during May following little-revised gains of 282,000 and 203,000 during the prior two months. A 220,000 increase had been expected in the Action Economics Forecast Survey. The unemployment rate [...]
Nonfarm payrolls increased 217,000 during May following little-revised gains of 282,000 and 203,000 during the prior two months. A 220,000 increase had been expected in the Action Economics Forecast Survey. The unemployment rate remained unchanged at 6.3%. An uptick to 6.4% had been expected. The overall unemployment rate, including marginally attached workers and those employed part-time for economic reasons, slipped to 12.2%.
The figures referenced above are available in Haver's USECON database. Additional detail can be found in the LABOR and in the EMPL databases. The expectation figures are from Action Economics and are in the AS1REPNA database.
The effect of labor slack on wages: Evidence from state-level relationships from the Federal Reserve Board is available here.
| Employment: (M/M Chg., 000s) | May | Apr | Mar | Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Payroll Employment | 217 | 282 | 203 | 1.7% | 1.7% | 1.7% | 1.2% |
| Previous | -- | 288 | 203 | -- | -- | -- | -- |
| Manufacturing | 10 | 4 | 4 | 0.9 | 0.7 | 1.7 | 1.7 |
| Construction | 6 | 34 | 13 | 3.2 | 3.3 | 2.1 | 0.2 |
| Private Service Producing | 198 | 224 | 179 | 2.1 | 2.2 | 2.2 | 1.9 |
| Government | 1 | 12 | 3 | 0.1 | -0.3 | -0.8 | -1.8 |
| Average Weekly Hours - Private Sector | 34.5 | 34.5 | 34.5 | 34.5 (May'13) |
34.5 | 34.4 | 34.3 |
| Average Private Sector Hourly Earnings (%) | 0.2 | 0.0 | 0.1 | 2.1 | 2.1 | 1.9 | 2.0 |
| Unemployment Rate (%) | 6.3 | 6.3 | 6.7 | 7.5 (May'13) |
7.4 | 8.1 | 8.9 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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