- -20.5 million jobs lost. Between March and April this is a loss of 14.0% of all jobs since February.
- U3 unemployment rate up 10.3% from 4.4% to 14.7%
- U6 underemployment rate rose 14.1% from 8.7% to 22.8%
- February and March were both revised downward, by -45,000 and -169,000 respectively, for a net decline of -214,000 jobs from previous reports.
Leading employment indicators of a slowdown or recession
I am still highlighting these because of their leading nature for the economy overall. These were uniformly very negative:
- the average manufacturing workweek fell -2.1 hours from 40.4 to 38.3 hours. This is one of the 10 components of the LEI and will be a big negative.
- Manufacturing jobs fell by 1.3 million. Manufacturing has lost 1.364 million jobs in the past 2 months.
- construction jobs fell by -975,000. In the past 2 months 1.08 million construction jobs have been lost.
- Residential construction jobs, which are even more leading, declined by -117,600. In the past two months together there have been -119,200 lost jobs.
- temporary jobs declined by -842,000.
- the number of people unemployed for 5 weeks or less rose by 14.3 million.
- Professional and business employment fell by -2.128 million, or -10.0% for the month.
Wages of non-managerial workers