All Posts Tagged: April jobs
Job growth heated up in April as nonfarm payrolls increased a stronger than forecast 263,000 jobs, the best month for U.S. job growth since January.
The upside jobs surprise will keep the economic growth slowdown fears at bay for a while longer and starts the second quarter off on solid footing. This was a good week for the U.S. economy with big upside surprises on both productivity and job creation.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on May 3.Key observations:
- Job gains last month were broad-based and led by professional and business services (+76K), education and health care (+62K), leisure and hospitality (+34K), construction (+33K), and government (+27K).
- Retail trade jobs declined by 12K in April and have been dropping now for three consecutive months. Manufacturing job growth has also been sputtering, increasing by only 4K jobs in April after being flat in March. Information jobs declined by 1K last month.
- The unemployment rate dropped another two-tenths of a percentage point to 3.585% last month, hitting a new expansion low and reaching a new 49-year low milestone.
- More people are leaving the labor force. The labor force plunged by 490K in April and has declined by 770K since January. The labor force participation rate was at 63.2% in January, but has slipped to 62.8% in April.
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