Friday is jobs day in America.
Economists are anticipating a rebound in job growth after an unexpected dip in March capped off what we now know was the worst quarter for the US economy in three years.
Via Bloomberg, here's what Wall Street is expecting for April:
• Nonfarm payrolls: +190,000
• Unemployment rate: 4.6%
• Average hourly earnings month-on-month: +0.3%
• Average hourly earnings year-on-year: +2.7%
• Average weekly hours worked: 34.4
To recap, the economy added 98,000 jobs in March and the unemployment rate fell to a postcrisis low of 4.5%. That rate supports the view that the economy is near full employment: a situation in which most workers actively looking for a job have one. It also means the pace of job creation could slow and wages could go up.
Average hourly earnings rose 2.7% year-on-year, just below the post-recession record of 2.8% set in February.
The manufacturing sector added 11,000 jobs in March, helped in part by more comfortable weather for outdoor work.
Weather aside, retail lost nearly 30,000 jobs and the vast majority were in large department stores. Several of them are shutting down or at risk of closing as ecommerce booms. The job losses in February and March marked the worst two-month decline since November and December 2009, and is showing scant signs of slowing down.
Source: Bloomberg
Junior Trader Ivan Ivanov
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