Despite an employment report with mixed news at the top side, May’s good news index is running ahead of April’s through the first half dozen releases.
As we dig beneath the headline numbers on jobs, the news actually gets a little better—four of the five indicators that make up our labor market index improved in April. The employment-to-population ratio had the greatest positive impact, followed in order by aggregate hours, goods-producing employment, and long-term unemployment. The overall unemployment rate was a negative influence.
Overall, the labor market index rose one-half of 1 percent and was half an index point above its trailing 6-month average. The moving average itself advanced for the first time since early 2007.
Total construction activity for March 2010 was 0.2 percent above the February total. Not a significant change, but that’s an upgrade. Score it 0.5.
New orders for manufactured goods increased 1.3 percent in March. Good.
Sales of merchant wholesalers were up 2.4 percent in March 2010. Good.
Consumer credit increased at an annual rate of 1 percent in March 2010. Good.
Nonfarm business sector labor productivity increased at a 3.6 percent annual rate during the first quarter of 2010, with output rising 4.4 percent and hours worked rising 0.8 percent. Good all around.
Nonfarm payroll employment rose by 290,000 in April, the unemployment rate edged up to 9.9 percent, and the labor force increased sharply. Mixed.
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