Prague Twin

Saturday, April 07, 2007

Nonfarm Payrolls

Nonfarm Payrolls came in stronger than expected and right at the 12-month moving average. Translation: 181,000 new non-farm sector jobs were created in March, which was about 45,000 more than the consensus estimate. This continues a pattern of strong jobs growth that the chart above reflects.

As a result of strong job growth, the unemployment rate continues it's downward trend, while wage growth remains robust.

The only negative comment one can make about the American employment picture is reflected above in the average workweek. The failure of the average workweek to increase (as it normally does during an expansion in employment) indicates that more part-time jobs are being worked during the current expansion than in the past. Underemployment continues to be an important factor, one that is often overlooked.

Thanks to from whom I've stolen these charts.


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