US DATA: Apr employ report shows strength (+244k payrolls & +46K upward
revs to Feb-Mar) but take caution that May indications are weaker.
Unemploy rate edged up 0.2 pt to 9% as labor force growth slowed & no.
of unemployed rose. Hours gained & pvt AHE +5c to +2.1% YOY, suggesting
gains in income and production. Apr payroll composition: mfg +29k,
construction +5k, retail +57.1k after 2 weak mos, finance +4k, temp
-2.3k but biz services +51k overall, healthcare +37.3k, restaurants
+26.8k. Govt was -24k due to drops in state ed and all local, a
downtrend. Overall a better than expected report.
Details: Payrolls/Prior Pv AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Apr +244k —- +2.05% 100.7 9.0% (8.9603%)
Mar +221k +216k +1.95% 100.5 8.8% (8.8276%)
Feb +235k +194k +2.1% 100.2 r 8.9% (8.9223%)