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...
February jobs report: Strong wage growth offsets low job creation
The U.S. economy added 20,000 jobs in February—far below expectations for 180,000. Unemployment declined 20 bps to 3.8%, while labor force participation remained at 63.2%. Average hourly earnings were up 3.4%, year over year—the strongest growth in 10 years.