Global| Apr 03 2015U.S. Payroll Increase Disappoints; Jobless Rate Holds Steady At Prior Low
by:Tom Moeller
|in:Economy in Brief
Summary
Job market improvement lost steam last month. Nonfarm payroll employment during March increased 126,000 (2.3% y/y) following a 264,000 February rise, revised from 295,000. January's advance also was lessened to 201,000 from 239,000. [...]
Job market improvement lost steam last month. Nonfarm payroll employment during March increased 126,000 (2.3% y/y) following a 264,000 February rise, revised from 295,000. January's advance also was lessened to 201,000 from 239,000. The latest increase compared to expectations for 248,000 in the Action Economics Forecast Survey. Weakened job increases were apparent in all categories. The unemployment rate of 5.5% remained unchanged, however, at its lowest point since May 2008. The overall unemployment rate, including marginally attached and those working part-time for economic reasons, slipped to a new low of 10.9%.
The labor market data is contained Haver's USECON database. The expectations figure is in the AS1REPNA database.
| Employment: (M/M Chg., 000s) | Mar | Feb | Jan | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Payroll Employment | 126 | 264 | 201 | 2.3% | 1.9% | 1.7% | 1.7% |
| Previous | -- | 295 | 239 | -- | -- | -- | -- |
| Manufacturing | -1 | 2 | 17 | 1.6 | 1.4 | 0.8 | 1.7 |
| Construction | -1 | 29 | 41 | 4.9 | 4.8 | 3.7 | 2.1 |
| Private Service Producing | 142 | 244 | 151 | 2.7 | 2.2 | 2.2 | 2.2 |
| Government | -3 | 0 | -1 | 0.3 | 0.0 | -0.3 | -0.8 |
| Average Weekly Hours - Private Sector | 34.5 | 34.6 | 34.6 | 34.5 (Mar.'14) |
34.5 | 34.5 | 34.4 |
| Private Sector Average Hourly Earnings (%) | 0.3 | 0.1 | 0.6 | 2.1 | 2.1 | 2.1 | 1.9 |
| Unemployment Rate (%) | 5.5 | 5.5 | 5.7 | 6.6 (Mar.'14) |
6.1 | 7.4 | 8.1 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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