Here are five takeaways from the jobs report.
A hiring sign is displayed in Wheeling, Ill., Thursday, May 5, 2022. Americas employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs. On the one hand, the proportion of people either working or looking for work slipped in April after a string of increases. Having fewer people in the workforce means employers need to raise pay to try to.
Higher wages are of course good for workers. But if they rise too fast, without an increase in worker productivity, it tends to accelerate inflation. Slower wage growth, on the other hand, can be more sustainable because it helps hold down inflation and allows the Fed to implement fewer rate hikes.In Friday's jobs report were other signs, aside from wages, that job growth might be slowing a bit after a year of robust gains.
Finally, the government revised down its estimate of job gains for February and March by a combined 39,000. That's a relatively small number that doesn't really change the overall picture. But revisions can signal which direction the economy is headed, and nearly all the revisions in previous months had been positive.A slowdown is somewhat inevitable given the pace of rapid hiring and the limited supply of workers and may simply signal a shift to smaller, but more sustainable, gains.
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U.S. Added 428,000 Jobs In April—Beating Expectations As Hot Labor Market Spurs Fed Rate HikesGrowth was widespread, and led by gains in leisure, manufacturing, transportation and warehousing, the government said.
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U.S. added 428,000 jobs in April despite surging inflationDespite punishing inflation, chronic supply shortages, the war in Ukraine and much higher borrowing costs, Friday’s jobs report showed that last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century.
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April 2022 jobs report: US added 428,000 jobs despite surging inflationAmerica's employers added 428,000 jobs in April 2022 and hiring kept the unemployment rate at 3.6%.
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U.S. Economy Added 428,000 Jobs in AprilThe U.S. economy added 428,000 jobs in April, the Labor Department said Friday, for the 12th straight month of gains. The jobless rate remained at 3.6%.
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April jobs report expected to show US hiring strong again despite inflationEconomists are expecting Friday’s jobs report for April to show that employers added 400,000 more jobs last month and that the unemployment rate remained at 3.6%.
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US Hiring Likely Kept Up Strong Streak in April Despite InflationThe resilience of the job market is particularly striking when set against the backdrop of galloping price increases, rising borrowing costs and fear that the Federal Reserve’s sharp interest rate hikes could eventually lead to a recession.
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