April Payrolls +165,000, 7.5% Unemployment Rate, Participation Rate Flat At 1979 Levels

Tyler Durden's picture

Following the March NFP disappointment, it was only reasonable to expect a modest beat in this month's data which came at +165,000, on expectations of +140,000, and following a revision to the March number from 88K to 138K. The unemployment rate declined from 7.6% to 7.5% beating, expectations of an unchanged print. The flipside, as always, is that the labor participation rate remained flat, at 63.3%, once again the lowest since 1979.

From the report:

The unemployment rate, at 7.5 percent, changed little in April but has declined by 0.4 percentage point since January. The number of unemployed persons, at 11.7 million, was also little changed over the month; however, unemployment has decreased by 673,000 since January. (See table A-1.)


Among the major worker groups, the unemployment rate for adult women (6.7 percent) declined in April, while the rates for adult men (7.1 percent), teenagers (24.1 percent), whites (6.7 percent), blacks (13.2 percent), and Hispanics (9.0 percent) showed little or no change. The jobless rate for Asians was 5.1 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)


In April, the number of long-term unemployed (those jobless for 27 weeks or more) declined by 258,000 to 4.4 million; their share of the unemployed declined by 2.2 percentage points to 37.4 percent. Over the past 12 months, the number of long-term unemployed has decreased by 687,000, and their share has declined by 3.1 percentage points. (See table A-12.)


The civilian labor force participation rate was 63.3 percent in April, unchanged over the month but down from 63.6 percent in January. The employment-population ratio, 58.6 percent, was about unchanged over the month and has shown little movement, on net, over the past year. (See table A-1.)


In April, the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 278,000 to 7.9 million, largely offsetting a decrease in March. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)


In April, 2.3 million persons were marginally attached to the labor force, essentially unchanged from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)


Among the marginally attached, there were 835,000 discouraged workers in April, down by 133,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.5 million persons marginally attached to the labor force in April had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities.  (See table A-16.

That said, as previewed earlier, the number itself is merely noise, since no matter the outcome, the market would have taken a bad number as positive for more QE, and a good number as "confirming" the first modest macro improvement in the past two months.

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Shocker's picture

Great Another Jobs Number, Still have economic problems.

Keep Track of it everyday

Layoff / Closing List



MillionDollarBonus_'s picture

Chronicles of a Silverbug Lemming  

Part 2

Marisa is furious. "Jack, would you leave that computer for two seconds and spend some time with your family for once?" 

Jacks barely flinches. He is  busy eyeing his third losing trade of the day. He moves his stop lower - he is not going to lose this one.

"Jack, I can't go on like this! Look at your son and daughter, they barely see you even though you're at home all day."

Jack snaps: "I'm coming now damn it! Someone has to make living around here you know! Professional traders at the 'Bullion Banks' trade from five in the morning to late at night; if I'm going to make it as a trader, I'm going to have to make sacrifices. Why can't you understand that?!"

Jack glances back at his screen. Silver Wheaton has taken another plunge, his stop has been hit. Jack cannot believe his eyes. He looks up and howls at the sky. "Noooooo!" 

Marisa slams the office door shut and storms off. 

fonzannoon's picture

He is on someone's payroll. That is for sure.

I mean how  else could he know my name was jack?

Hulk's picture

MDb's name is Jack. That story is definitely autobiographical...

LawsofPhysics's picture

Big difference between paper and physical.  All my ounces are still there.  Wake me when the prices in fiat gets back to the dollar cost average of under $300 and $8 per ounce.  That's the dollar cost average on my holdings of gold and silver.  The best part is I never have any problem exchanging them for the "fiat du jour" or the real value of another's labor.


Ah MBD, troll of trolls, so many paper promises and so little real collateral...

Bearwagon's picture

Which part of "buy silver hand over fist, don't sell any!" didn't Jack understand?!

Al Huxley's picture

Maybe he was unable to find physical silver due to the shortages, and mistakenly thought that the miners might be able leverage this shortage to their advantage, being producers of the physical commodity and all.  Little did he know that the miners are the only people on the entire planet who still sell physical metal for the paper-established price.

Non Passaran's picture

I can tell a writer when I see one!

caimen garou's picture

mdb makes a stupid post as usual and gets his daily ass pat from his troll master, he says hey boss i did such a great job on zh so will you please use some lube this time before you do me, thanks!

FreeNewEnergy's picture

Reading the tripe that you pass off as fiction, it is safe to say that you are not the next Fitzgerald or Hemingway.

We are all greatly relieved.

GubbermintWorker's picture

I specifically remember a request where it was advised that Marisa get naked in part II.

You are large disappointment :(

Hulk's picture

Hey, if he ain't gettin it, we ain't gettin it...

Non Passaran's picture

Thanks for the reminder, I think a trade I did the other day will be settled today. If SLW is looking beaten up, I'll buy a few shares...

TimmyM's picture

Hey MDB,

 your off topic threadjacking bullshit is rude.


ACP's picture

Their pants on fire are obviously what lit the building up.

GetZeeGold's picture




1979....please don't tell me they're bringing back disco.

Cult_of_Reason's picture

As I suspected yesterday, NFP report was leaked, and the ramp was not because of POMO.


Burt Gummer's picture

John Williams of Shadow Stats just released data that shows otherwise.


apberusdisvet's picture





I am more equal than others's picture

Remember 1979 was at the end of Jimmy Carter's term and things really sucked then.  WIN - whip inflation now - remember that button? Bernake wants inflation.  Go figure. 

There was global cooling in the 70's now Gore says there is global warming.  Go figure.

LawsofPhysics's picture

Only if interest rates can rise.  They cannot, this will be inflation via currency collapse, world war will follow.

Bearwagon's picture

Not yet, wait for the initial (transient) deflation to pass ...

LawsofPhysics's picture

With over 16 trillion in "official" debt.  If rates go much above 2.0% on the ten-year it's game over and the U.S. will hard default (as opposed to the soft-default we have now).  Should that happen, civil/world war will follow.  Hedge accordingly.  

GetZeeGold's picture



Don't let Paul Volcker anywhere near the war room. No way in hell we can afford 1980s interest rates.

spastic_colon's picture

you didnt think they would just tiptoe across 1600 ES did ya?  gotta make it look like its goin to 1800 /s

unununium's picture

It is "maximum fudge" season for the BLS artists.

CVfriendship's picture

Wait....isn't the decline in the participation rate just due to the aging population retiring and moving their qualified money into fixed (also explains the inflow into bond funds)... I mean we are ALL getting older right?.......................................................... I can hear this on CNBS already.

thismarketisrigged's picture

bad jobs report= market goes up 100 plus pts


good job reports= market gos up 500 pts. this is comical, i really hope all these fed guys die along with obama.


stop the qe fuckers if things are so good


also isnt it hilarious how when the numbers last month were horrible it was the weather, but now all is good?


i guess the weather was amazing this past month

docj's picture

stop the qe fuckers if things are so good

Yep - if "the world is saved" then why is the Fed still  pumping $85B a month into Fraud Street and the Fed.Gov still running $1T +/- in deficit every year?

I know, rhetorical. I denounce myself.

FreeNewEnergy's picture

I hear self-denouncement beats self abuse by a mile. Was it good for you?

Al Huxley's picture

SOMEBODY needs to fund that $trillion deficit.  And if they can kill 2 birds with one stone by simultaneously cleaning up their masters balance sheets (at least as long as Treasuries are treated as safe 'investments'), well then it's a win-win for them.

Edward Fiatski's picture

Uh, oh - March revised from 88k to 138K.

Face melt ON!

depression's picture

hours worked down

temp employment + 60K in last 2 months

obamacare tax law kicking into gear

LawsofPhysics's picture

Exactly, and what about the average wage?

Edward Fiatski's picture

Part time employment skyrocketing due to ObumerCaer 29 hrs.

Just be more productive, bitchez. ;-)

depression's picture
In April, the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 278,000 to 7.9 million
max2205's picture

I wouldn't trade that participation chart...take the other side.  IRobots coming to wallmart

Ayn NY's picture

At least the 70s were fun.

kw2012's picture

Looks like gold and silver traders had the data an hour early.


I also don't really believe the numbers.

Edward Fiatski's picture

Numbers are legit, but part time is the new full time in this economy/decade/century. 

FreeNewEnergy's picture

Yup. 7.9 million involuntarily part-time workers. Doe that mean my five-hour work day makes me involuntarily poor? Because if it does, it's a total canard. I signed up to be poor. My case worker said it was the only way to go.

Then there's the 2.3 million who are marginally attached. I really think what's marginally attached is credibility to the BLS numbers. Same goes for the Fed, the federal govt. and right on down the line to my corrupt, banal, overfed, dishonorable, impudent town officials.

This report really ruins my weekend. I was hoping to hear more excuses. Sadly, we're winning (shades of The Producers).

Well, back to pounding more sand for my masters...

Dr. Engali's picture

They better not let that unemployment rate drop too low, Ben will lose some cover to print moar.

youngman's picture

Ben has a RED LINE in the sand..at 6.5%.....I hope its redder than Obama´s RED LINE...Obama's line moves alot...and fades out

SheepDog-One's picture

Huh....seems the 'terrible sequester' is actually very GOOD for jobs after all!