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There were 6.7 million jobs available at the end of April, up +65,000 from the previous month, with hires (5.6 million, +92,000) and separations (5.4 million, +86,000) also remaining relatively unchanged from March. Within separations, the rate of layoffs and discharges rose from 1.0% to 1.2%, but the quits rate remained unchanged at 2.3%. Job openings grew the most quickly for information (+6.0%), professional services (+5.7%), accommodation and food services (+5.7%), health care (+5.5%), and transportation (+5.0%), and, while the South had the most job openings at 2.3 million, the rate of openings grew the most quickly for the Midwest (+4.8%) and West (+4.4%).
Nonfarm labor productivity increased at a seasonally adjusted annual rate of 0.4% in Q1 2018, with a +2.3% increase in hours worked taking away from a +2.7% increase in output. On a yearly basis output increased +3.6% while hours worked increased +2.3%, bringing productivity up +1.3%. A +3.3% increase in hourly compensation in Q1 and a +0.4% productivity increase brought labor costs up +2.9%. However, inflation adjusted real hourly compensation for Q1 2018 vs Q1 2017 dropped -0.2% overall for all nonfarm businesses, with rates varying from a -3.4% drop for non durable manufacturing to a +2.2% increase for durable manufacturing.
In April, exports rose +$0.6 billion to $211.2 billion, while imports dropped -$0.4 billion to $257.4 billion, shrinking the US goods and services deficit by -$1 billion to $46.2 billion. Compared to the same year-to-date period in 2017, both exports (+$62 billion) and imports (+$82.8 billion) increased, and the trade deficit was +$20.8 billion larger, Export increases in April included fuel oil (+$0.5 billion), soybeans (+$0.3 billion), and corn (+$0.3 billion), while civilian aircraft exports decreased -$2.8 billion. Imports dropped for cell phones (-$2.2 billion) and cars (-$1.0 billion), but increased for crude oil (+$1.0 billion). By country, trade deficits increased with China (+$4.7 billion to $93.4 billion) and Germany (+$1.7 billion to $18.7 billion), and the surplus increased with Canada (+$3.7 billion to $4.2 billion).
Wednesday June 13 – Federal Open Market Committee (FOMC) Meeting Announcement
Thursday June 14 – Retail Sales