It’s jobs, jobs, jobs in the US, from the BLS:
Total nonfarm payroll employment rose by 257,000 in January, and the unemployment rate was little changed at 5.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in retail trade, construction, health care, financial activities, and manufacturing.
… The change in total nonfarm payroll employment for November was revised from +353,000 to +423,000, and the change for December was revised from +252,000 to +329,000. With these revisions, employment gains in November and December were 147,000 higher than previously reported. Monthly revisions result from additional reports received from businesses since the last published estimates and the monthly recalculation of seasonal factors. The annual benchmark process also contributed to these revisions.
…The total nonfarm employment level for March 2014 was revised upward by 91,000.
A good report and huge revisions making it a great one! Charts from Calculated Risk. There is now an unmistakable trend higher in monthly hiring:
And the converse for the unemployment rate:
Year on year job creation is ripping:
With favourable implications for tax receipts as the crucial productivity measures improve:
Not much joy yet on the income front, though the last few months have improved:
And the reason for that is abundant shadow slack in the labour market:
A very solid report overall. It doesn’t yet change my thinking, though. The US Fed can afford to be patient and will wait to assess to impact of the oil shakeout which is probably still in too early a stage to have had much impact on the report.
If we get another two or three reports like this one, though, then rate hikes will be go in Q3. Bonds were absolutely hammered Friday night on that possibility.
