U.S. payrolls increased 115,000 in April, more than expected; unemployment at 4.3%

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[00:00:01]Welcome back to Squawkbox. Rick Santelli here live at CME HQ with the big job jobs report for April. 65,000 expected.

[00:00:11]Nigh nigh nigh. We are much stronger.

[00:00:14]115,000 115. And last month upward revision from 178 to 185. These are good numbers. Now if you take the two-month average, we did lose 16,000. So, you know, it's the month before the last month. And if we look at manufacturing payrolls, they're down 2,000. The reason I'm looking at them because last month's minus 15, thou positive 15,000 was the best going all the way back to 11 of 23. No of 23, but we are giving a little bit back. All right, let's get involved in the earnings. Month overmonth earnings light 210. We're expecting 3/10. 210 actually is now a backto back number. uh 210 backto back to compee 0.1 one/10enth the end of last year if we look at a year-over-year perspective also a miss 3.6 versus 3.8 3.6 of course actually is better than our last look which was 3.5 that was the lightest since May at 21 so 3.6 comps back up to the 3.8 8 level in February. Hours worked. This is important. One would think that AI is going to make a difference here. It is moving up. 34.3 uh 34.2 expected. 34.2 has been a big common number for most of 25. 34.3 was February, January of this year. To find a higher number, you're going all the way back to March of 24. Now, let's look at what I call U3. The unemployment rate 4.3 last month 4.3 now 4.3 expected no change 4.4 is the high water mark for uh the year and that was in February to find a lower number you're back to mid 25 at 4.1 participation rate labor force participation rate 61.8 it moved down to 10th we always like to see it move up 61.8 8 would be well man boy that would be the lightest since of 21 equals October of 21 moving in the wrong direction and finally we had U3 that was 4.3 the unemployment rate now we're going to look at U6 that's the undermployment rate and that moved up 210 also not good from 8% expected 8% last month now becomes 8.2 that would be the highest level since de of last year when it was 8.4 4. If we synthesize all of this, before the numbers, we were at a 391 2-year. We're now at a 389.

[00:02:49]So 391 to 389. Virtually unchanged on the week we settled last week at 388.

[00:02:55]The 10-year it was 437 before the number. It's 437 now. It settled last week. Do I hear it? Yes. 437. We are unchanged on the week after all those numbers. I don't like seeing the earnings a little bit light. I don't like seeing the underemployment rate go up, but when it comes to job job jobs, we're doing better than many would have expected.