April 2018 non-farm payrolls report highlights
- Prior was 103K (revised to 135K)
- Unemployment rate 3.9% vs +4.0% expected
- Participation rate 62.8% vs 62.9% prior
- Underemployment rate 7.8% vs 8.0% prior
- Two month net revision +30K
- Private payrolls 168K vs 190K expected
- Prior private payrolls 102K
Wages:
- Average hourly earnings +2.6% y/y vs 2.7% exp
- Average hourly earnings +0.1% m/m vs +0.2% m/m exp
- Prior avg hourly earnings 2.7% y/y
- Hours worked 34.5 vs 34.5 expected
- Prior hours worked 34.5
Sectors:
- Professional and business services +54K
- Manufacturing +24K
- Health care +24K
- Mining +8K
Disappointing report with soft wage growth. That's not the kind of thing that's going to inspire the Fed to hike three more times this year.
