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U.S. Labour Market Hits Soft Patch In April

ByThe National Bank of Canada
Published 05/06/2012, 02:19 AM
Updated 05/14/2017, 06:45 AM

April was not a good month for U.S. labor markets. Payroll jobs expanded only 115,00, the weakest showing in six months. Even considering the upward revisions to the prior months, the jobs data were not good. Our disappointment comes from the fact that full time employment gave back all of its March gain.

Also, the employment/population ratio dropped to 58.4% and the participation rate fell to a new cyclical low of 63.6% (the worst showing since 1981). That is the only reason the jobless rate declined this month. Our concern at this point is that the outlook for the next few monthsis not suggestive of improving conditions. As today’s Hot Chart shows, the on-line help wanted index, which leads job creation by roughly three months, showed its biggest decline since 2010 on a seasonally adjusted basis in April (adjustment made by us). The outlook is not very inviting at this point in time. We appear to be hitting a soft patch.
U.S. Labourmarket Hits Soft Patch In April

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