Sunday, June 16, 2019

May’s consumer and producer prices, retail sales, industrial production; April’s business inventories and JOLTS

Major reports released during the past week included the May Consumer Price Index, the May Producer Price Index, and the May Import-Export Price Index, all from the Bureau of Labor Statistics; the reports on Retail Sales for May and Business Sales and Inventories for April, both from the Census bureau; the report on Industrial Production and Capacity Utilization for May from the Fed, and the Job Openings and Labor Turnover Survey (JOLTS) for April from the Bureau of Labor Statistics...

May Consumer Prices Up 0.1% on Higher Food Prices, Rent

The consumer price index rose 0.1% in May as higher prices for food and shelter were partially offset by lower prices for energy and used cars…. the Consumer Price Index Summary from the Bureau of Labor Statistics indicated that the seasonally adjusted price index for urban consumers rose 0.1% in May after it had risen 0.3% in April, 0.4% in March, 0.2% in February, been unchanged in January, in December and in November, and had risen 0.3% in October, 0.1% in September, 0.1% in August, and 0.2% last July...the unadjusted CPI-U index, which was set with prices of the 1982 to 1984 period equal to 100, rose from 255.548 in April to 256.092 in May, which left it statistically 1.790% higher than the 251.588 index reading in May of last year, which is reported as a 1.8% year over year increase....with higher prices for food and lower prices for energy having offsetting impacts on the overall index, seasonally adjusted core prices, which exclude food and energy, also rose by 0.1% for the month, as the unadjusted core price index rose from 262.332 to 262.590, which left the core index 1.989% ahead of its year ago reading of 257.469, which is reported as a 2.0% year over year increase, down from 2.1% in April...

The volatile seasonally adjusted energy price index fell 0.6% in May, after rising 2.9% in April, 3.5% in March, 0.4% in February, falling 3.1% in January, falling 2.6% in December, falling 2.8% in November, rising by 2.1% in October, and falling by 1.0% in September, and is now 0.5% lower than in May a year ago...the price index for energy commodities was 0.4% lower in April, while the index for energy services fell 0.8%, after falling by 0.1% in April ...the energy commodity index was down 0.4% due to a 0.5% decrease in the price of gasoline, the largest component, and a 0.3% decrease in the index for fuel oils, while prices for other energy commodities, including propane, kerosene, and firewood, averaged 0.9% higher...within energy services, the price index for utility gas service fell 1.0% after falling 0.8% in April and is now 2.6% lower than it was a year ago, while the electricity price index fell 0.8%, after it was unchanged in April ....energy commodities are now 0.3% lower than their year ago levels, with gasoline prices averaging 0.2% lower than they were a year ago, while the energy services price index is 0.7% lower than last May, as electricity prices are now also 0.2% lower than a year ago…

The seasonally adjusted food price index was 0.3% higher in April, after falling 0.1% in April, but after rising 0.3% in March, 0.4% in February, 0.2% in January, 0.3 in December, 0.2% in November, being unchanged in October, rising 0.1% in September, 0.1% in August, and 0.1% in July, as the price index for food purchased for use at home rose 0.3% in April, while the index for food bought to eat away from home was 0.2% higher, as prices at fast food outlets rose 0.2% and prices at full service restaurants also rose 0.2%, while food from vending machines and mobile vendors were on average 1.2% higher...

In the food at home categories, the price index for cereals and bakery products was 0.4% higher even though average bread prices fell 0.1%, because the price index for cakes, cupcakes, and cookies rose 1.1%, the price index for fresh biscuits, rolls, & muffins rose 1.3%, and the price index for other bakery products rose 1.5%....at the same time, the price index for the meats, poultry, fish, and eggs group was 0.8% higher, even as egg prices fell 2.2%, because fresh fish & seafood prices averaged 1.9% higher and the pork price index rose 2.4%...in addition, the seasonally adjusted index for dairy products was 0.7% higher, as both ice cream and cheese prices rose 0.7% and the price index for other dairy products rose 0.9%...on the other hand, the fruits and vegetables index was 0.8% lower on a 1.3% decrease in the price index for fresh fruits, and a 0.7% decrease in the price index for fresh vegetables, led by a 7.9% drop in lettuce prices....but the beverages index was 1.2% higher, as the index for noncarbonated juices and drinks rose 1.2% and carbonated drink prices were 1.0% higher...lastly, the index for the ‘other foods at home’ category was unchanged, as the index for fats and oils other than butter and margarine rose 1.8% while the index for frozen and freeze dried prepared foods fell 0.7%....the itemized list for price changes of over 100 separate food items is included at the beginning of Table 2 for this release, which also gives us a line item breakdown for prices of more than 200 CPI items overall...since last May, only eggs, which are down 15.6% from a year ago, are the only ‘food at home’ line items that have seen prices change by more than 10% over the past year...

Among the seasonally adjusted core components of the CPI, which rose by 0.1% in April after rising by 0.1% in April, 0.1% in March, 0.1% in February, and by 0.2% for the five months prior to that, after rising by 0.1% in August 0.2% in July, 0.2% in June, and by 0.2% last May, the composite price index of all goods less food and energy goods was 0.1% lower, while the more heavily weighted composite for all services less energy services was 0.2% higher....among the goods components, which will be used by the Bureau of Economic Analysis to adjust April retail sales for inflation in national accounts data, the index for household furnishings and supplies was up 0.3%, as the price index for dishes and flatware rose 5.0%, the price index for living room, kitchen, and dining room furniture rose 1.2%, while the price index for appliances was 0.8% lower....at the same time, the apparel price index was unchanged as a 2.5% increase in the price index for women's dresses was offset by a 1.4% decrease in the price index for men's suits, sport coats, and outerwear and a 2.5% decrease in the price index for boys & girls footwear...meanwhile, the price index for transportation commodities other than fuel was 0.4% lower even as prices for new cars rose 0.2%, as prices for new trucks fell 0.1% and prices for used cars and trucks fell 1.4%...likewise, prices for medical care commodities also averaged 0.4% lower as prescription drugs prices fell 0.2%....on the other hand, the recreational commodities index was 0.1% higher despite a 1.5% decrease in TV prices, as the index for recorded music and music subscriptions rose 1.0%, the price index for sports equipment rose 1.6%, and the price index for newspapers and magazines rose 2.2%....however, the education and communication commodities index was 0.5% lower on a 0.8% decrease in the index for educational books and supplies and a 1.0% decrease in the index for telephone hardware, calculators, and other consumer information items...lastly, a separate price index for alcoholic beverages was 0.4% higher on a 1.5% increase in wine at home prices, while the price index for ‘other goods’ rose 0.3% on a 1.5% increase in the price index for miscellaneous personal goods...

Within core services, the price index for shelter rose 0.2% on a 0.3% increase in rents, a 0.3% increase in homeowner's equivalent rent, and a 0.1% decrease in lodging away from home at hotels and motels, while the shelter sub-index for water, sewers and trash collection rose 0.2%, and household operation costs were on average 0.6% lower....at the same time, the price index for medical care services was 0.5% higher, as inpatient hospital services rose 0.6% and health insurance rose 1.5%...meanwhile, the transportation services index was 0.1% higher as car and truck rentals and airfares both rose 2.0% while vehicle repairs fell 0.7% and motor vehicle insurance fell 0.4%...on the other hand, the recreation services price index was 0.5% lower as the index for rental of video discs and other media fell 1.2% and admissions to sporting events fell 3.1%....meanwhile, the index for education and communication services was 0.2% higher as child care and nursery school tuitions rose 0.6% and land-line telephone services rose 0.5%....lastly, the index for other personal services was up 0.3% as the price index for tax return preparation and other accounting fees rose 3.6%...among core line items, prices for televisions, which are still 18.6% cheaper than a year ago, and the price index for telephone hardware, calculators, and other consumer information items, which is down by 13.8% since last May, have both seen prices drop by more than 10% over the past year, while the cost of health insurance, which is up by 12.4% over the past year, and the price index for infants' furniture, which has now increased 12.3% year over year, are the only line items to have increased by a double digit magnitude over that span....

May Retail Sales Up 0.5% After April Sales Revised 0.5% Higher

Seasonally adjusted retail sales rose 0.5% in May after retail sales for April were revised 0.5% higher....the Advance Retail Sales Report for May (pdf) from the Census Bureau estimated that our seasonally adjusted retail and food services sales totaled $519.0 billion for the month, which was an increase of 0.5 percent (±0.5%)* from April's revised sales of $516.2 billion and 3.2 percent (±0.7 percent) above the adjusted sales of May of last year...April's seasonally adjusted sales were revised from the $513.4 reported last month to $516.4 billion, while March sales were revised from $514.3 billion to $514.7 billion, which means that March to April percent change was revised from down 0.2 percent (±0.5 percent)* to an increase of 0.3 percent (±0.1 percent)....estimated sales before seasonal adjustments, which were extrapolated from surveys of a small sampling of retailers, indicated sales actually rose 7.5% before adjustment, from $511,071 million in April to $549,391 million in May, while they were up 3.5% from the $531,011 million of sales in May a year ago...

Included below is the table of the monthly and yearly percentage changes in sales by business type taken from the Census pdf....the first double column below gives us the seasonally adjusted percentage change in sales for each type of retail business from April to May in the first sub-column, and then the year over year percentage change for those businesses since last May in the 2nd column; the second pair of columns gives us the revision of last month’s April advance monthly estimates (now called "preliminary") as revised in this report, likewise for each business type, with the March to April change under "Mar 2019 r" (revised) and the revised April 2018 to April 2019 percentage change in the last column shown...for your reference, our copy of the table of last month’s advance April estimates, before this month's revision, is here....

May 2019 retail sales table

To compute May's real personal consumption of goods data for national accounts from this May retail sales report, the BEA will use the corresponding price changes from the May consumer price index, which we reviewed earlier...to estimate what they will find, we’ll first separate out the usually volatile sales of gasoline from the other totals...from the third line on the above table, we can see that May retail sales excluding the 0.3% increase in sales at gas stations were up by 0.6%....then, pulling the 0.1% decrease in grocery & beverage sales and the 0.7% increase in food services sales out from that total, we find that core retail sales were up by nearly 0.7% for the month...since the May CPI report showed that the the composite price index of all goods less food and energy goods was 0.1% lower in April, we can thus figure that real retail sales excluding food and energy, or real core PCE, will show an increase of almost 0.8%...however, the actual adjustment in national accounts for each of the types of sales shown above will vary by the change in the related price index…for instance, while nominal sales at motor vehicle & parts dealers were up 0.7%, the April price index for transportation commodities other than fuel was 0.4% lower, which would suggest that real sales at auto & parts dealers were something on the order of 1.1% higher once price decreases are taken into account... on the other hand, while nominal sales at furniture stores were 0.1% higher in May, the furniture price index was 0.7% higher, which means that real sales of furniture likely fell around 0.6%...

In addition to figuring those core retail sales, to make an estimate we'll need to adjust food and energy retail sales for their price changes separately, just as the BEA will do…the May CPI report showed that the food price index was 0.3% higher, as the price index for food purchased for use at home rose 0.3% while the index for food bought away from home was 0.2% higher...thus, while nominal sales at food and beverage stores were 0.1% lower, real sales of food and beverages would have been around 0.4% lower in light of the 0.3% higher prices…meanwhile, the 0.7% increase in nominal sales at bars and restaurants, once adjusted for 0.2% higher prices, suggests that real sales at bars and restaurants only rose around 0.5% during the month...on the other hand, while sales at gas stations were up 0.3%, there was also a 0.5% decrease in the price of gasoline during the month, which would suggest that real sales of gasoline were up on the order of 0.8% higher, with a caveat that gasoline stations do sell more than gasoline…by averaging those real sales figures with an appropriate weighting, and excluding food services, we’d estimate that the income and outlays report for May will show that real personal consumption of goods rose by around 0.6% in May, after rising by a revised 0.6% in April and by a revised 2.1% in March, but after falling by a 0.7% in February and rising by 0.7% in January...at the same time, the 0.5% increase in real sales at bars and restaurants should have a small positive impact on May's real personal consumption of services...

Industrial Production Up 0.4% in May; Capacity Utilization Up 0.2%

Industrial production increased in May after production for prior months was revised lower...the Fed's G17 release on Industrial production and Capacity Utilization for April reported that industrial production increased 0.4% in May after falling by a revised 0.4% in April, which left total output 2.0% higher than a year ago, up from last month's 0.9% year over year figure...the industrial production index, with it now benchmarked for average 2012 production to be equal to 100.0, rose from an unrevised 109.2 in April to 109.6  in May, after the March reading for the index was revised down from 109.7 to 109.6 and the February index was revised from 109.6 to 109.5...

The manufacturing index, which accounts for more than 77% of the total IP index, increased by 0.2, from 104.6 in April to 104,8 in May, after the April manufacturing index was revised from 104.7 to 107.6, leaving manufacturing output just 0.7% higher than a year ago...in addition, the manufacturing index for March was revised from 105.2 to 105.1, the manufacturing index for February was also revised from 105.2 to 105.1, and the manufacturing index for January was revised up from 105.7 to 105.8....meanwhile, the mining index, which includes oil and gas well drilling, increased from 132.8 in April to 132.9 in May, after the April index was revised up from from the originally reported 132.4, which left the mining index 10.0% higher than it was a year earlier....finally, the seasonally adjusted utility index, which often fluctuates due to above or below normal temperatures, rose 2.1% to 105.7 in May, after decreasing by a revised 3.1% in a warmer than normal April, and is now 0.2% above it's year earlier level...

This report also includes capacity utilization figures, which are expressed as the percentage of our plant and equipment that was in use during the month…seasonally adjusted capacity utilization for total industry rose to 78.1% in May from an unrevised 77.9% in April, after capacity utilization for March was revised down from 78.5% to 78.4%....capacity utilization for all manufacturing industries rose from a downwardly revised 76.1% in April to 76.2% in May, as utilization of NAICS durable goods production facilities rose from 75.5% in April to 75.6% in May, while capacity utilization for non-durables manufactures was unchanged at 76.8%....capacity utilization for the mining sector actually fell to 91.3% in May, from 91.6% in April, which was originally reported as 91.4%, while utilities were operating at 77.5% of capacity during May, up from the revised 76.1% of capacity during April, which was was originally reported at 76.2% ....for more details on capacity utilization by type of manufacturer, see Table 7: Capacity Utilization: Manufacturing, Mining, and Utilities, which shows the historical capacity utilization figures for a dozen types of durable goods manufacturers, 8 classifications of non-durable manufacturers, mining, utilities, and capacity utilization for a handful of other special categories.... 

Producer Prices up 0.1% in May on Higher Margins for Transportation and Core Services

The seasonally adjusted Producer Price Index (PPI) for final demand rose 0.1% in May as prices for finished wholesale goods averaged 0.2% lower while average margins of final services providers rose 0.3%...that followed that followed an April report that had the PPi 0.2% higher, when prices for finished wholesale goods averaged 0.3% higher, while average margins of final services providers rose 0.1%, a March report that showed the PPI had increased by 0.6%, with prices for finished wholesale goods up 1.0% and margins of final services providers up 0.3%, a revised February report that showed the PPI had increased by 0.3%, with prices for finished wholesale goods on average 0.3% higher, while margins of final services providers rose by 0.2%, and a revised January report that showed the PPI was 0.3% lower, with prices for finished wholesale goods on average 0.6% lower, while margins of final services providers had decreased by 0.1%...on an unadjusted basis, producer prices are 1.8% higher than a year ago, down from the 2.2% year over year increase that had been indicated by last month's report...meanwhile, the core producer price index, which excludes food, energy and trade services, was up 0.4% for the month, and is now also 2.3% higher than in May a year ago, up from the 2.2% YoY increase shown a month ago...

As we noted, the price index for final demand for goods, aka 'finished goods', was 0.2% lower in May, after being 0.3% higher in April, 1.0% higher in March, 0.3% higher in February, 0.6% lower in January, 0.6% lower in December, 0.5% lower in November, 0.8% higher in October, and 0.1% lower in September....the finished goods index fell in May because the price index for wholesale energy was 1.0% lower, after rising 1.8% in April and 5.6% in March, while the price index for wholesale foods fell 0.3% after falling 0.2% in April, and while the index for final demand for core wholesale goods (excluding food and energy) was unchanged for the third time in four months...wholesale energy prices fell on a 1.7% decrease in the wholesale price for gasoline, a 5.7% drop in wholesale prices for diesel fuel, and 7.6% lower wholesale prices for liquefied petroleum gas, while the wholesale food price index fell on a 28.3% decrease in wholesale prices for fresh eggs and a 6.8% decrease in wholesale prices for fresh fruits and melons....among wholesale core goods, the wholesale price index for sporting and athletic goods rose 5.8% while wholesale prices for iron and steel scrap fell 8.3%..

At the same time, the index for final demand for services rose 0.3% in May, after rising 0.1% in April, 0.3% in March, 0.2% in February, but after falling a revised 0.1% in January, as the May index for final demand for trade services fell 0.5% in May while the index for final demand for transportation and warehousing services rose 0.7% and the core index for final demand for services less trade, transportation, and warehousing services was 0.5% higher....among trade services, seasonally adjusted margins for TV, video, and photographic equipment and supplies retailers fell 4.5%, margins for computer hardware, software, and supplies retailers fell 4.2%, and margins for apparel, jewelry, footwear and accessories retailers fell 5.2%, while margins for fuels and lubricants retailers rose 5.9%... among transportation and warehousing services, margins for airline passenger services rose 1.7% and margins for rail transportation of freight and mail rose 0.7%...among the components of the core final demand for services index, margins for guestroom rental jumped 10.1%, margins for arrangement of cruises and tours rose 8.4% and margins for traveler accommodation services rose 9.2%..

This report also showed the price index for intermediate processed goods fell 0.2% in May, after falling 0.1% in April, rising 0.8% in March, being unchanged in February, and falling a revised 0.9% in January...the price index for intermediate energy goods fell 1.4%, as refinery prices for gasoline fell 1.7% and refinery prices for residual fuels fell 5.7%, while producer prices for liquefied petroleum gas fell 7.6%...at the same time, prices for intermediate processed foods and feeds fell 0.5%, as the producer price index for prepared animal feeds fell 1.9%...on the other hand, the core price index for intermediate processed goods less food and energy rose 0.1% as producer prices for primary basic organic chemicals increased 5.8% while producer prices for hardwood lumber fell 2.2% and prices for softwood lumber fell 1.3%... prices for intermediate processed goods are now 0.6% higher than in May a year ago, the first year over year decrease following 29 months of year over year increases, which had been preceded by 16 months of negative year over year comparisons, as intermediate goods prices fell every month from July 2015 through March 2016....

Meanwhile, the price index for intermediate unprocessed goods fell 5.1% in May after rising 2.7% in April, 2.3% in March, but after falling a revised 4.7% in February and a revised 4.6% in January....that was as the May price index for crude energy goods fell 8.2% as producer prices for natural gas dropped 15.2% and crude oil prices fell 6.2%, and as the price index for unprocessed foodstuffs and feedstuffs  fell 1.9% on a 4.0% decrease in producer prices for slaughter steers and heifers and an 8.4% drop in producer prices for slaughter turkeys...at the same time, the index for core raw materials other than food and energy materials fell 4.5%, as wastepaper prices fell 16.8%, prices for aluminum base scrap fell 12.0% and prices for iron & steel scrap declined 8.3%...this raw materials index is now 8.9% lower than a year ago, the largest year over year decrease in nearly 3 years...

Lastly, the price index for services for intermediate demand was unchanged in May, after rising 0.3% in April, 0.4% in March, being unchanged in February, rising 0.2% in January, and rising 0.1% in December and in November...the price index for intermediate trade services was 0.6% lower, as margins for intermediate metals, minerals, and ores wholesalers fell 1.9% and margins for intermediate machinery and equipment parts and supplies wholesalers fell 1.2%…on the other hand, the index for transportation and warehousing services for intermediate demand rose 0.4%, as the intermediate index for transportation of passengers (partial) rose 1.7%...meanwhile, the core price index for intermediate services less trade, transportation, and warehousing was unchanged, as the index for credit intermediation, incl. trust services (partial) rose 4.3% and the index for traveler accommodation services rose 9.2%....over the 12 months ended in May, the year over year price index for services for intermediate demand, which has never turned negative on an annual basis, is still 2.5% higher than it was a year ago...

April Business Sales Down 0.2%, Business Inventories Up 0.5%

Following the release of the May retail sales report, the Census Bureau released the composite Manufacturing and Trade Inventories and Sales report for April(pdf), which incorporates the revised April retail data from that May report and earlier published wholesale and factory data to give us a complete picture of the business contribution to the economy for that month....according to the Census Bureau, total manufacturer's and trade sales were estimated to be valued at a seasonally adjusted $1,462.0 billion in April, down 0.2 percent (±0.2 percent)* from March revised sales, but up 2.8 percent (±0.3 percent) from April sales of a year earlier...note that total March sales were revised from the originally reported $1,470.1 billion to $1,465.4 billion, and as a result the March increase from February was lowered from 1.6% to 1.3%....manufacturer's sales were down 0.5% from March at $504,087 million in April, while retail trade sales, which exclude restaurant & bar sales from the revised April retail sales reported earlier, rose 0.3% to $454,781 million, while wholesale sales fell 0.4% to $503,115 million..

Meanwhile, total manufacturer's and trade inventories, a major component of GDP, were estimated to be valued at a seasonally adjusted $2,029.8 billion at the end of April, up 0.5 percent (±0.1%) from March, and 5.3 percent (±0.5 percent) higher than in April a year earlier...the value of end of March inventories was revised from the $2,018.1 billion reported last month to $2,019.0 billion with this release, still considered statistically unchanged from February...seasonally adjusted inventories of manufacturers were estimated to be valued at $692,949 million, 0.3% higher than in March, inventories of retailers were valued at $661,291 million, 0.5% more than in March, while inventories of wholesalers were estimated to be valued at $675,538 million at the end of April, up 0.8% from March.

With the release of the factory inventory data last week, we judged that the real change in April factory inventories would have a negative impact on the growth rate of 2nd quarter GDP; on the other hand, with the release of the wholesale inventory figures a few days later, we hedged on whether the impact would be positive or negative….since the April producer price index reported that prices for finished goods were on average 0.3% higher, that means that the real increase in retail inventories was only around 0.2% for the month…so it appears that real retail inventories are also not keeping up with the 1st quarter increase in real retail inventories that was indicated by the key source data and assumptions (xls) in the second estimate of 1st quarter GDP, and hence are on pace to be a negative for 2nd quarter GDP...

Job Openings and Job Quitting Little Changed in April; Hiring and Firing Rose

The Job Openings and Labor Turnover Survey (JOLTS) report for April from the Bureau of Labor Statistics estimated that seasonally adjusted job openings slipped by 25,000, from 7,474,000 in March to 7,449,000 job openings in April, after March job openings were revised a bit lower, from 7,488,000 to 7,474,000...April’s jobs openings were still 4.8% higher than the 7,106,000 job openings reported for April a year ago, as the job opening ratio expressed as a percentage of the employed remained unchanged at 4.7% in April, while it was up from 4.6% a year ago...the greatest increase in April job openings was in construction, where openings rose by 40,000 to 404,000, while job openings in professional and business services fell by 172,000 to 1,241,000... (details on job openings by industry and region can be viewed in Table 1)...like most BLS releases, the press release for this report is easy to understand and also refers us to the associated table for the data cited, which are linked to at the end of the release...

The JOLTS release also reports on labor turnover, which consists of hires and job separations, which in turn is further divided into layoffs and discharges, those who quit, and 'other separations', which includes retirements and deaths....in April, seasonally adjusted new hires totaled 5,937,000, up by 240,000 from the revised 5,697,000 who were hired or rehired in March, as the hiring rate as a percentage of all employed rose from 3.8% to 3.9%, which was also up from the 3.8% hiring rate in April a year earlier (details of hiring by industry since December are in table 2)....meanwhile, total separations also rose, by 70,000, from 5,508,000 in March to 5,578,000 in April, as the separations rate as a percentage of the employed remained at 3.7%, which was also the separations rate in April a year ago (see table 3)...subtracting the 5,578,000 total separations from the total hires of 5,937,000 would imply an increase of 359,000 jobs in April, quite a bit more than the revised payroll job increase of 224,000 for April reported by the May establishment survey last week, and outside the expected +/-115,000 margin of error in these incomplete samplings, so one or both of these surveys is off on job creation data by a statistically significant amount...

Breaking down the seasonally adjusted job separations, the BLS finds that 3,482,000 of us voluntarily quit our jobs in April, up by 21,000 from the revised  3,461,000 who quit their jobs in March, while the quits rate, widely watched as an indicator of worker confidence, remained unchanged at 2.3% of total employment, which was up from 2.2% a year earlier (see details in table 4)....in addition to those who quit, another 1,752,000 were either laid off, fired or otherwise discharged in April, up by 59,000 from the revised 1,693,000 who were discharged in March, as the discharges rate rose from 1.1% to 1.2% of all those who were employed during the month, which brought it back up to the 1.2% level of a year earlier....meanwhile, other separations, which includes retirements and deaths, were at 344,000 in April, down from 354,000 in March, for an 'other separations' rate of 0.2%, the same as in March, and the same as in April a year ago....both seasonally adjusted and unadjusted details by industry and by region on hires and job separations, and on job quits and discharges can be accessed using the links to tables at the bottom of the press release...

 

(the above is the synopsis that accompanied my regular sunday morning links emailing, which in turn was mostly selected from my weekly blog post on the global glass onion…if you’d be interested in receiving my weekly emailing of selected links, most picked from the aforementioned GGO posts, contact me…)       

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