Farewell to Winter Weather Woes
· Nonfarm payrolls bid adieu to the sluggish pace of employment growth during the winter months. Payrolls surged by 288,000 jobs in April with upward revisions to February and March and the unemployment fell to 6.3 percent. The drop in the unemployment rate, however, was due to a significant decline in the labor force.
· ISM manufacturing also improved in April and now sits at 54.9 with new orders unchanged on the month. The biggest comeback was in production, which slipped into contraction territory in February, but has since rebounded in March and April.
Wells Fargo Weekly Economic and Financial Commentary May 2, 2014
Tags: economy