US Unemployment Now 13%
US employers add less Jobs than forecast in April
Read this carefully, you will not here this information on the evening news.
Employers in the US added less workers than forecast in April, the headline jobless rate declined to 8.1% as people stopped looking for work, the U-6 number is close to 13% unemployed in America according to Asia’s leading economic research team LTN www.livetradingnews.com, these statistics signal that the World’s largest economy is losing momentum.
Payrolls rose just 115,000, the smallest gain in 6 months, the forecast number was 160,000, a revised 154,000 rise in March that was more than estimated, US Labor Department figures showed Friday in Washington.
A slowdown in hiring as corporate optimism fades will likely restrain the wage growth required to drive consumer spending, which accounts for about 70% of the US economy.
US Federal Reserve policy makers view unemployment as “elevated” and vow to hold borrowing costs low through late Y 2014.
Transportation and warehousing, government agencies and construction all cut jobs in April.
The jobs data come 6 months before Americans head to the polls. US President Barack Obama’s policies have done little or nothing to help US workers.
Unemployment has exceeded 8 percent since February 2009, the longest since monthly records began in Y 1948.
The participation rate, which indicates the share of working-age people in the labor force, fell to 63.6%, the lowest since December 1981, from 63.8%.
Private payrolls, government agencies are excluded, rose 130,000 after a revised gain of 166,000. They were projected to rise by 165,000.
Government payrolls fell by 15,000. State and local governments employment lost 11,000 jobs.
Factory payrolls increased by 16,000, the smallest in 5 months and less than the survey forecast of a 20,000 increase.
Employment at service-providers increased 101,000 in April, the smallest gain since August.
Construction companies cut 2,000 jobs and retailers added 29,300 employees as expected.
Average hourly earnings were unchanged, the weakest since last August, at $23.38, Friday’s report showed.
Compared with April of last year, earnings climbed 1.8%, matching January as the lowest in a year.
The average work week for all workers held at 34.5 hours.
The underemployment rate, that includes part- time workers who prefer a full-time position, and people who want work but have given up looking held at 14.5%.
The report also showed a drop in long-term unemployed Americans. The number of people unemployed for 27 wks or more decreased as a percentage of all jobless, to 41.3%.
The number of temporary workers increased 21,100. Payroll at temporary-help agencies often slow as companies seeing a steady increase in demand take on permanent staff.
Faster economic growth would help lay the groundwork for more hiring.
The US economy expanded at a 2.2% annual rate in Q-1 after 3% in Q-4 of Y 2011, the US Commerce Department reported last week.
Consumer spending grew 2.9%, the most in more than a year.
The US numbers contrast with some of the other major economies.
Joblessness in the 17-nation EuroArea increased to 10.9% in March, the highest since April 1997, from 10.8% a month earlier, data showed this week.
United Parcel Service Inc. (UPS), the world’s largest package- delivery company, is among firms taking note.
The US Fed officials cut forecasts for the jobless rate, to an average 7.8 to 8% in Q-4 of 2012 from a January projection of 8.2 to 8.5%, according to estimates released on 25 April.
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