Published for www.dmarron.com, May 4, 2012

As expected, today’s jobs data showed a slowing labor market. Payrolls expanded by 115,000 in April, less than hoped or expected. Upward revisions to February and March added another 53,000 jobs, however, so the overall payroll picture is better than the headline. The unemployment rate ticked down to 8.1%, the labor force participation rate slipped to 63.6%, weekly hours were unchanged at 34.5, and hourly earnings increased a measly penny from $23.37 to $23.38.

Put it all together, and this report is on the soft side of mediocre.

Unemployment and underemployment both remain very high, but they’ve been moving in the right direction. After peaking at 10% in October 2009, the unemployment rate has declined by about 2 percentage points. The U-6 measure of underemployment, meanwhile, peaked at 17.2% and now stands at 14.5%:

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(The U-6 measures includes the officially unemployed, marginally attached workers, and those who are working part-time but want full-time work.)

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