Unemployment in USA
USA - Unemployment
Labor market conditions continue to improve in April
Total non-farm payrolls increased by 266,000 in April, missing analysts’ expectations of a 978,000 increase. This follows March’s 770,000 increase in payrolls. Employment gains in leisure and hospitality, public education and financial services drove the headline reading.
The unemployment rate ticked up slightly from 6.0% in March to 6.1% in April, and the labor force participation rate rose from 61.5% to 61.7% in April. Hourly earnings rose 0.7% month-on-month in April (March: -0.1% mom), while annual wage growth eased to 0.3% from 4.2% the month prior.
Commenting on the short-term outlook on the labor market, Andrew Grantham, a senior economist at CIBC Economics, noted:
“At present, workers appear either unwilling (due to generous stimulus payments or health concerns) or unable (child care issues) to take up positions that are available. However, as savings from stimulus checks get depleted, vaccinations continue and child cares reopen, these issues should start to fade and we should start to see the strong payrolls releases that we, and most others, were expecting last week. Businesses certainly appear keen to hire.”
FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 5.9% in 2021, which is down 0.3 percentage points from last month’s estimate, and 4.8% in 2022.
United States - Unemployment Data
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May 12, 2021
Consumer prices rose a seasonally-adjusted 0.77% in April over the previous month, picking up from March's 0.62% rise.
May 7, 2021
Total non-farm payrolls increased by 266,000 in April, missing analysts’ expectations of a 978,000 increase.
April 29, 2021
According to a preliminary GDP estimate released by the Bureau of Economic Analysis, the economy expanded 6.4% in Q1 in seasonally-adjusted annualized terms (SAAR), beating analysts’ expectations of 6.1% growth and accelerating from the previous quarter’s 4.3% rise.
United States: Fed keeps rates at effective floor in April and sustains commitment to expanding its balance sheet
April 28, 2021
At its meeting on 27–28 April, the Federal Open Market Committee (FOMC) decided to hold the target range for the federal funds rate at its effective floor of 0.00%–0.25%.
April 27, 2021
The S&P/Case-Shiller 20-city composite home price index increased 1.2% month-on-month in February, after January’s 0.9% rise.