The Labor Department just released the April 2008 unemployment numbers. While these are negative, they aren’t as bad as estimates.
The unemployment rate came in at 5.0% versus estimates we had marked as as 5.2%.
The change in non-farm payrolls came in at -20,000 versus and estimate we had of about -80,000.
Average hourly earnings came in at +0.1%.
There numbers aren’t exactly good by any stretch. But quite often, "less bad" is good enough.
Let’s just hope that Elaine Chao’s computers at the Labor Department are working and counting figures properly.
Jon C. Ogg
May 2, 2008