The April Jobs Report, or employment situation report, was released last week. The data from March was revised higher from its advance values. Here is what was written so far:
The wages article detailed how the workers numbers had improved from last year, how wages had improved since last year, and how combined growth means an increase in spending power. What are the details?
Five Sectors are still down from April 2008 Levels. The Mining/Logging Sector, Construction, Manufacturing, Information Technology sectors have fewer non-seasonally adjusted workers than they had during April 2008. Remember that the peak pre-recession jobs market was July 2007.
Six Sectors have the most April Workers EVER. Trade, Transportation and Utility is the largest sector. The new number two sector is Education and Health Care Services. Leisure and Hospitality is the third largest sector. These three sectors are three of the four lowest paid sectors. The other services sector is the third worst. This is pulling down the average wage for the jobs report, as was explained in the "Wages" article.
Only two sectors are down April 2017 to April 2018. Information Tech has been a laggard for almost two decades. Government peaked after the recession began and is taking a little longer to recover than other sectors.
This has been an incomplete recovery. We have missing participants, as was detailed in the "Five Presidents" article. We have seen improvement in participation, even with a near historic low unemployment rate and a near historic low unemployment level. Wages are improving. The spending power of workers is improving. Watch the MARTS retail data for April next week. Also watch the Multiple Job Worker levels. This will be detailed in tomorrow's article.
It's the economy.
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