On Job Growth: A Modestly Strong Batch of New Data
By DAVID LEONHARDT
The latest batch of economic data has been slightly better than expected, causing Moody’s Analytics to raise its forecast for May job growth to 170,000, up from 165,000 last week.
“The best evidence comes from surveys of builders and manufacturers,” Moody’s economists write. The surveys suggest that “April’s slowdown in factory hiring was a temporary phenomenon.”
One sign of the likely strengthening of the job market since April, when the economy added only 115,000 jobs, came in this morning’s report on new claims for unemployment benefits. Last week, 370,000 people applied for initial benefits, compared with 389,000 a month earlier. Because last week included the 12th day of the month, it is the week on which the May monthly jobs report will be based.
(Original here.)
The latest batch of economic data has been slightly better than expected, causing Moody’s Analytics to raise its forecast for May job growth to 170,000, up from 165,000 last week.
“The best evidence comes from surveys of builders and manufacturers,” Moody’s economists write. The surveys suggest that “April’s slowdown in factory hiring was a temporary phenomenon.”
One sign of the likely strengthening of the job market since April, when the economy added only 115,000 jobs, came in this morning’s report on new claims for unemployment benefits. Last week, 370,000 people applied for initial benefits, compared with 389,000 a month earlier. Because last week included the 12th day of the month, it is the week on which the May monthly jobs report will be based.
(Original here.)
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