THE BASIS POINT

BLS Mediocre Again

BLS Employment Situation Report (May 2013)

– Nonfarm Payrolls Month/Month  +175,000.

– April revised from +165,000 to +149,000.

– March revised from +138,000 to +142,000 making net gain from previous report 163,000

– Unemployment Rate 7.6%. Previous was 7.5%

– Average Hourly Earnings Month/Month +0.0%. Previous was +0.2%

– Average Workweek  34.5 hrs. Previous was 34.5 hours

– Private Payrolls Month/Month 178,000. Previous was +176,000.

More shortly on rate reaction and a deeper dive into the May jobs data…