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April jobs: UE rate falls alongside labor force participation

Published 05/05/2017, 08:38 AM
© Reuters.  April jobs: UE rate falls alongside labor force participation
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  • Alongside 211K jobs added in April (vs. 185K expected), March's 98K gain was revised down to 79K, and February's up to 232K from 219K. We'll call the establishment numbers a modest beat.
  • The unemployment rate, however, was expected to tick up to 4.6%, but instead dropped to 4.4%. As usual, we look to the labor force participation rate, and it did indeed fall - to 62.9% from 63.0%.
  • The broader U6 unemployment rate fell to 8.6% from 8.9%.
  • The average workweek edged higher by 0.1 hour to 34.4 hours.
  • Average hourly earnings rose $0.07 to $26.19; they're up 2.5% on a Y/Y basis.
  • Treasury yields spiked higher as the headlines hit at 8:30 ET, but have pulled back since. The 10-year yield is actually a hair lower on the session at 2.354%.
  • TLT +0.1%, TBT -0.2%
  • Now read: A Promising Setup To Trade... Long Bonds From The Long Side(!)


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