Employment +244,000, but unemployment rises to 9%
The BLS released the April 2011 Employment Situation Report today (http://www.bls.gov/news.release/pdf/empsit.pdf) and it showed a gain of 244,000 jobs (268,000 private sector) in the Establishment Survey and a decline of 190,000 jobs (but only a loss of 58,000 private sector) in the Household Survey, which lead to the unemployment rate rising to 9%.
However, there were huge seasonal adjustments this month, as the unadjusted unemployment rate fell to 8.7% and the Household Survey showed the creation of 699,000 jobs. The more inclusive U-6 measure of unemployment rose by 2 tenths of a percent to 15.9% in seasonally adjusted terms, but fell 7 tenths to 15.5% in unadjusted terms.
Most of the other data in this report were essentially unchanged from the previous report (hours worked, wages, participation rate, employment-population ratio, etc).
And once again, the revisions to previous reports were positive, with February being revised up to +225,000 and March being revised up to +221,000.
Overall, the trend here is pretty good on the employment front, and with a few more reports in line with what we have seen this year, it is quite possible that we may see a 7 handle on the U-3 unemployment rate by the end of the year.