No Question About It: Job Growth Still Slowing

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Includes: AGG, DIA, SPY
by: William Trent, CFA

The Bureau of Labor Statistics released the latest Employment Situation Summary Friday morning:

Nonfarm payroll employment edged up (88,000) in April, and the unemployment rate was essentially unchanged at 4.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job gains continued in several service-providing industries, including health care and food services, while employment declined in retail trade and manufacturing.

As we noted in our preview, the consensus among economists was to add 100,000 jobs. Initial media reports are depicting the numbers as weak, with which interpretation we concur.

employment

Both the year/year number of jobs added (bars) and the perentage change (line) have been trending down.