2009-04-03 USER

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Change in Nonfarm Payrolls (Mar)

Survey -660K
Actual -663K
Prior -651K
Revised n/a

 
Karim writes:

  • A 663k drop in payrolls and -86k in net revisions is bad enough
  • The worst of it is the ongoing collapse in hours-the index of aggregate hours down another 1% last month
  • On a work force of 130mm, a 1% drop in hours has the same impact on labor income as a 1.3mm fall in payrolls if total hours were unch
  • The annualized drop in hours in Q1 was -8.7%-assuming 2-3% productivity growth; likely leaves real GDP in -5.5% to -6.5% area
  • Total unemployed, plus marginally attached workers, plus part-time for economic reasons up from 14.8% to 15.4% (16% to 16.2% unadjusted)
  • Only positive was diffusion index up from 21.4 to 22
  • But looking at industry breakdown, hard to find where that improvement came from
    • Manufacturing -161k
    • Construction -126k
    • Retail -48k
    • Finance -43k
    • Temp -72k
    • Govt -5k
    • Education +8k

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Change in Nonfarm Payrolls YoY (Mar)

Survey n/a
Actual -4795.00
Prior -4254.00
Revised n/a

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Nonfarm Payrolls ALLX (Mar)

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Unemployment Rate (Mar)

Survey 8.5%
Actual 8.5%
Prior 8.1%
Revised n/a

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Unemployment Rate ALLX 1 (Mar)

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Unemployment Rate ALLX 2 (Mar)

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Change in Manufacturing Payrolls (Mar)

Survey -162K
Actual -161K
Prior -168K
Revised -169K

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Change in Manufacturing Payrolls YoY (Mar)

Survey n/a
Actual -9.9%
Prior -9.1%
Revised n/a

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Average Hourly Earnings MoM (Mar)

Survey 0.2%
Actual 0.2%
Prior 0.2%
Revised n/a

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Average Hourly Earnings YoY (Mar)

Survey 3.5%
Actual 3.4%
Prior 3.6%
Revised n/a

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Average Hourly Earnings ALLX 1 (Mar)

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Average Hourly Earnings ALLX 2 (Mar)

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Average Hourly Earnings ALLX 3 (Mar)

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Average Weekly Hours (Mar)

Survey 33.3
Actual 33.2
Prior 33.3
Revised n/a

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RPX Composite 28dy YoY (Jan)

Survey n/a
Actual -23.03%
Prior -21.43%
Revised n/a

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RPX Composite 28dy Index (Jan)

Survey n/a
Actual 186.39
Prior 193.05
Revised n/a

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ISM Non Manufacturing Composite (Mar)

Survey 42.0
Actual 40.8
Prior 41.6
Revised n/a


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