May jobs report: weak performance increases odds of Fed cut
The U.S. economy added 75,000 jobs in May—far fewer than the expected 175,000. Unemployment was flat at 3.6%, as was labor force participation at 62.8%. The May report marks the longest ever stretch of U.S. job growth: 104 consecutive months.
April jobs report: Job growth surges; lowest unemployment since 1969
The U.S. economy added 263,000 jobs in April—far above expectations for 190,000. Unemployment declined 20 bps to 3.6%, while labor force participation declined 20 bps to 62.8%. Average hourly earnings were flat, year over year, at 3.2%.
Where are the workers coming from? January and February
The past year’s job growth is unsustainable without structural change in labor force participation. In the past year, participation has ticked up significantly—from a nine-year decline—but a secular reduction in job growth seems inevitable...