Top Links: A few broad themes are emerging from another solid monthly jobs reports

Updated
True to form, Speaker John Boehner and Minority Leader Eric Cantor have found reason to gripe about another solid jobs report.
True to form, Speaker John Boehner and Minority Leader Eric Cantor have found reason to gripe about another solid jobs report.
AP Photo/J. Scott Applewhite

Top Story: April’s numbers — payrolls +165K, unemployment down to 7.5% — were good. More importantly, however, a few broad themes about the economy are finally starting to emerge.

Theme #1: Positive Revisions

  • The revisions to the Feb (from +268K to +332K) and March (+88K to +138K) payrolls numbers are what we called the “buried lede” in this business. (Bureau of Labor Statistics)
  • And quite a few economists and finance types are pointing that out. (Duke St Journal) and (The Stalwart)
  • “The revision bandwagon is joyfully full.” (Modeled Behavior)
  • And keep April’s +165K in mind: “Since early in 2011, initial reports have been greatly understating total employment.” (The Economist)


Theme #2: A Persistent Recovery

  • The recovery has been persistent — perhaps not quick enough — but definitely persistent. (Justin Wolfers) and (Ryan Avent) and (Neil Irwin)
  • Job gains have averaged +169K/month over the last year. (David Wessel)
  • “Job growth at that pace, if it persists, should be enough to gradually, albeit slowly, bring down the unemployment rate.” (Jared Bernstein)
  • Also, the unemployment rate is at its lowest point since Dec. 2008. (Bespoke)
  • In fact, one of the big highlights of this report is that people are going out and spending — despite the payroll tax hike — which is the reason for the rise in food-service and retail jobs. (Neil Shah)
  • Mind you, the numbers are persistently good … if you have a college degree. Just take a look at how unemployment has changed (or hasn’t) depending on your level of education. (Justin Wolfers)
  • One regrettably persistent trend: Slashing public sector jobs is still a drag on the economy. (Betsey Stevenson) and (Real Time Economics)
  • Oh, and another persistent trend in this jobs report? Mitt Romney’s chief strategist has a problem with it. (John Harwood)
  • Ditto, John Boehner and Eric Cantor. (Speaker John Boehner) and (Eric Cantor)


Theme #3: There Are Always Negatives

  • Weekly hours worked is down, meaning the average person with a job is working slightly less than maybe they would like. (Neil Irwin) and (Duke St. Journal)
  • That “manufacturing revolution” isn’t. (Business Insider)
  • Lastly, a very funny joke if you’re planning to do standup in front of a bunch of economists any time soon: This jobs report had “more upward revisions than Reinhart-Rogoff.” (Pawel Morski)

Top Links: A few broad themes are emerging from another solid monthly jobs reports

Updated