April’s jobs number came in at 211K, which was higher than the street estimates, appears to be in the sweet spot for the markets.
The 211K offsets the tepid growth in the employment sector off of March’s 98K, which was well off analyst’s expectation of 180K. The two month moving average is 150K, which is nothing to write home about.
Stock futures were little changed on the news while government bonds caught a bid after an immediate selloff.
For the cruelest month the Street was looking for 178K and ADP reported Wednesday that 177K private-sector jobs were created during April.
My guessimate for the number was 125K, because the seasonally adjusted fudge factor is higher in April than March. And I will await revisions before I concede defeat on that number.
April’s wage number was within expectations and yoy wages have grown 2.5%, according to the data. That number seems to be higher or skewed to the upper salary levels since lower middle class workers don’t appear to be enjoying the same raises.