The Unemployment Rate increased to 9.9% in April from 9.7% in March, higher than the expected decrease to 9.6%. The number of unemployed persons increased from 15 million in March to 15.3 million in April. The increase in the unemployment rate is being interpreted as due to an increase in the number of job seekers, who have rejoined the market to look for work. Nonfarm Payrolls, which were expected to increase by 188,000, increased by 290,000 in April, after increasing by 230,000 in March, revised from an increase of 162,000. Manufacturing, construction, retail, professional and business services, education and health services, leisure and hospitality, and the federal government added jobs. 66,000 temporary government workers have been hired to conduct the census survey and this helped boost payroll growth. The private sector also contributed strongly, adding 231,000 jobs in April. Employment decreased in transportation and warehousing and the information sector. The Average Workweek increased by 0.1 hours to 34.1 hours. Average Hourly Earnings were virtually unchanged, increasing by 1 cent to $22.47.
 
Consumer Credit figures are to be released today at 3:00 PM EST. Consumer credit had decreased at an annual rate of 5.5% in February. Revolving credit had decreased at an annual rate of 13%, and non-revolving credit decreased at an annual rate of 1.5%.
 
Upcoming Releases
 
Consumer Credit (05/07 at 3:00 PM EST)
Wholesale Inventories (05/11 at 10:00 AM EST)
Trade Balance (05/12 at 8:30 AM EST)
Crude Inventories (05/12 at 10:30 AM EST)
 

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