April Jobs Prints at 175,000, but With Signs of ‘Stagflation’

Commentary April  jobs printed at 175,000 new jobs, according to the Establishment Survey from the Bureau of Labor Statistics (BLS), a collection of job creation data from businesses, well below the 238,000 consensus estimate of jobs creation. February and March jobs creation revisions were down by 22,000 jobs, net. The BLS’s Household Survey, which calculates the number of people taking jobs, and is viewed as eliminating workers taking more than one job, showed 182,000 more people working in April than in March. Some 87,000 people joined the U.S. workforce. Let’s look at our exclusive schedule of March Jobs by Average Weekly Wages: (Source: April Jobs Creation by Average Weekly Wages from BLS data / The Stuyvesant Square Consultancy) Higher-paying jobs creation was, again, virtually moribund. Lower wage jobs, such as in leisure and hospitality, retail, and other services, and jobs that tend to have government support, like education and health services, health care, and social services generated the majority of the new jobs creation in the Establishment Survey. There were 8,000 new jobs created in government. (We do not include government jobs in our chart.)  ...