4 Ugly Job Data Points

The BLS recorded a payroll of just 266K in April, a huge miss compared to the consensus estimate of 1 million.

Overall employment is 8.2 million workers below its pre-pandemic pace, thanks to April’s disappointing payrolls.

The labor participation rate also disappointed, coming in at 61.7 percent, slightly higher than the 61.6 percent forecast but still higher than the 61.5 percent reported the previous month.

The irony is that the figure might have been much worse: the April print would have been practically unchanged from the previous month if it hadn’t been for the addition of 187,000 employees in food service and drinking establishments (i.e. waiters and bartenders) and 72,700 workers in gambling, amusements, and entertainment (i.e. card dealers).