US jobs report released
Newsflash: more jobs were created across the US economy than expected last month, despite higher interest rates.
The US Non-Farm Payroll rose by 253,000 in April, rather stronger than the 180,000 which economists expected.
Whoa. 253K jobs added in April. More than the 180K expected. And unemployment rate remained 3.4%. Was forecast to rise to 3.6%. Wage growth at 4.4% YOY. https://t.co/sX6qnZch01
— Paul R. La Monica (@LaMonicaBuzz) May 5, 2023″,”url”:”https://twitter.com/LaMonicaBuzz/status/1654464413733142529″,”id”:”1654464413733142529″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”691a0805-8958-462b-b1cc-f819ee2519ce”}}”>
Whoa. 253K jobs added in April. More than the 180K expected. And unemployment rate remained 3.4%. Was forecast to rise to 3.6%. Wage growth at 4.4% YOY. https://t.co/sX6qnZch01
— Paul R. La Monica (@LaMonicaBuzz) May 5, 2023
This suggests that the Federal Reserve’s series of increases in interest rates over the last year are not cooling the labor market as much as the Fed would like.
But March’s NFP has been revised down, to show that 165,000 new jobs were created, not the 236,000 first expected.
February’s NFP has also been revised lower, by 78,000, from +326,000 to +248,000.
With these revisions, employment in February and March combined is 149,000 lower than previously reported.
April’s increase is lower than the average monthly gain of 290,000 over the prior six months, point out the Bureau of Labor Statistics, adding that:
In April, employment continued to trend up in professional and business services, health care, leisure and hospitality.
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Here’s today’s main stories:
“,”elementId”:”4a79326e-5016-49dd-b01a-bcd66a57fc18″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/may/05/us-economy-april-jobs-growth-interest-rates”,”text”:”US employers added 253,000 jobs in April showing jobs market remains robust”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”f8dd32df-5d40-4fa6-a122-7d4a682d24e1″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/may/05/us-banking-crisis-risks-becoming-self-fulfilling-prophecy-analysts-say”,”text”:”US banking crisis risks becoming ‘self-fulfilling prophecy’, analysts say”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”ff01f134-32f0-4a67-a907-2bd49cde1175″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/may/05/hsbc-shareholder-meeting-disrupted-by-climate-crisis-protests”,”text”:”HSBC investors reject plan to split bank in meeting disrupted by climate protest”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”578e4004-ab72-4813-83f6-dc26d6768f11″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/may/05/ba-owner-raises-profit-forecast-as-travel-demand-rebounds-iag-covid”,”text”:”BA owner raises profit forecast as travel demand rebounds”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”2832b321-58b7-4735-858f-a56cfb5f6a9a”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/may/05/cbi-appoints-ethics-consultancy-principia-advisory-in-fight-for-survival”,”text”:”CBI appoints ethics consultancy Principia Advisory in fight for survival”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”274db32f-e9bb-478b-ac56-2e2fe6225e48″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/technology/2023/may/05/google-engineer-open-source-technology-ai-openai-chatgpt”,”text”:”Google engineer warns it could lose out to open-source technology in AI race”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”61a69ada-5116-448e-a1db-87d93f749a7d”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/may/05/macquarie-southern-water-owner-australian-finance-giant-posts-record-profits”,”text”:”Banking firm that owns Southern Water posts record profits”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”9377ddf7-7421-425a-bf28-085c7effe941″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/media/2023/may/05/like-icarus-now-everyone-is-burnt-how-vice-and-buzzfeed-fell-to-earth”,”text”:”‘Like Icarus – now everyone is burnt’: how Vice and BuzzFeed fell to earth”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”54782d8f-f9cf-439a-bcea-91a3eca353cf”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/may/05/e-fuels-cars-aviation”,”text”:”E-fuels: how big a niche can they carve out for cars?”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”bcef5723-fbda-4442-b840-393a691f667a”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/uk-news/2023/may/05/mortgages-for-new-uk-first-time-buyers-up-nearly-200-a-month-on-a-year-ago”,”text”:”Mortgages for new UK first-time buyers up ‘nearly £200 a month’ on a year ago”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”6fc7c552-8e19-4a0e-9bd4-4f19e569c26b”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/may/05/shell-looks-to-sell-off-its-stake-in-controversial-cambo-oilfield-stake”,”text”:”Shell looks to sell off its stake in controversial Cambo oilfield “,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”69403a0a-892f-4cd2-a02b-77b2f7a3747b”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/uk-news/2023/may/05/facebook-whatsapp-instagram-fraud-scams-tsb-meta”,”text”:”Facebook and WhatsApp owner urged by UK bank to act on fraud as scams soar”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”a3ce12b1-f27f-4274-b571-148ca42d514d”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1683302206000,”blockCreatedOnDisplay”:”11.56 EDT”,”blockLastUpdated”:1683302432000,”blockLastUpdatedDisplay”:”12.00 EDT”,”blockFirstPublished”:1683302432000,”blockFirstPublishedDisplay”:”12.00 EDT”,”blockFirstPublishedDisplayNoTimezone”:”12.00″,”title”:”Closing post”,”contributors”:[],”primaryDateLine”:”Fri 5 May 2023 12.00 EDT”,”secondaryDateLine”:”First published on Fri 5 May 2023 02.53 EDT”},{“id”:”645527b68f0830193ba61a4c”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Back in Birmingham, HSBC has defeated an attempt to split up the bank.
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A majority of investors rejected a plan backed by its largest shareholder at the bank’s annual general meeting, which was heavily disrupted by climate protests (as we covered earlier).
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The bank’s chair, Mark Tucker, announced that a majority of shareholders had backed him and the board in rejecting the proposal to spin off HSBC’s Asian operations, he said at the meeting in Birmingham on Friday.
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Several protesters interrupted the meeting after 12 minutes, beginning an hour of disruption in which Tucker and the chief executive, Noel Quinn, repeatedly stopped speaking until the bank’s security removed the campaigners. Protestors sang reworded versions of Y.M.C.A. by Village People and A Message to You, Rudy by the Specials.
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More here:
“,”elementId”:”9e45a9c8-9a6c-486b-b459-3f6698e80e76″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/may/05/hsbc-shareholder-meeting-disrupted-by-climate-crisis-protests”,”text”:”HSBC investors reject plan to split bank in meeting disrupted by climate protest”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”4058f8c6-9544-4146-87cd-9f47deef296b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1683302326000,”blockCreatedOnDisplay”:”11.58 EDT”,”blockLastUpdated”:1683302426000,”blockLastUpdatedDisplay”:”12.00 EDT”,”blockFirstPublished”:1683302426000,”blockFirstPublishedDisplay”:”12.00 EDT”,”blockFirstPublishedDisplayNoTimezone”:”12.00″,”title”:”HSBC shareholders reject proposal to split bank”,”contributors”:[{“name”:”Jasper Jolly”,”imageUrl”:”https://i.guim.co.uk/img/uploads/2020/02/24/Jasper_Jolly.jpg?width=300&quality=85&auto=format&fit=max&s=914b0d68deef93f067bc82b1d4a7cff2″,”largeImageUrl”:”https://i.guim.co.uk/img/uploads/2020/02/24/Jasper_Jolly.png?width=300&quality=85&auto=format&fit=max&s=379cc2ade345d9eb794745e2cebc7e1b”}],”primaryDateLine”:”Fri 5 May 2023 12.00 EDT”,”secondaryDateLine”:”First published on Fri 5 May 2023 02.53 EDT”},{“id”:”645510778f0830193ba618c9″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The US stock market is sharply higher in early trading.
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The Dow Jones Industrial Average has jumped by 1.3%, or 453 points, to 33,581 points. Most of the 30 large companies which make up the index are higher, led by Apple which is up 4.5% after beating earnings forecasts last night.
“,”elementId”:”82e19306-bcf3-429b-93b5-04761f810523″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/technology/2023/may/04/apple-strong-second-quarter-earnings-report”,”text”:”Apple posts better-than-anticipated earnings fueled by iPhone sales”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”43418c52-6e33-4d51-877a-509f390c8541″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The broader S&P 500 index is up 1.4%, with bank shares rallying – Zions Bancorporation are up 15%.
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The US jobless rate has fallen to 3.4%, from 3.5% in March.
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The number of unemployed person