Jobs Prelude Mixed.
Challenger Job-Cut Report (April 2015)
– Announced Layoffs 61,582. Previous was 36,594.
Both the spike and now the drop in jobs are significantly affected by the decline in operating oil wells. On May 1 there were 905 operating oil rigs in the U.S. A year before there were 1,854. With oil prices having moved up this decline will stop and reverse. Oil is one of those industries which create a lot of demand for other products and services.
Initial Jobless Claims (week ended 5/2/2015)
– New Claims 265,000. Previous was 262,000
– 4-week Moving Average 279,500. Previous was 283,750.
Gallup US Payroll to Population (April 2015)
– level 43.9. Previous was 44.1.
If this is accurate it should translate into an increase in the Labor Participation Rate in tomorrow’s BLS Employment Situation Report.