WASHINGTON — U.S. employers added 115,000 jobs in April while the unemployment rate held steady at 4.3%, according to new federal data released Friday, offering fresh signs the labor market remains resilient despite ongoing geopolitical tensions, elevated energy prices and uncertainty over the broader economy.
The Labor Department’s Bureau of Labor Statistics reported that April hiring topped economists’ expectations, which had called for roughly 62,000 new jobs. March payroll gains were also revised upward to 185,000 from a previously reported 178,000.
“April’s jobs report surprised to the upside: hiring beat expectations and unemployment held steady, pointing to a resilient labor market,” Dawit Kebede, senior economist with America’s Credit Unions, said in a statement. “That reinforces the Federal Reserve’s stance to hold rates while inflation risks remain elevated, and markets have already priced out cuts for this year. For credit union members, a stable labor market is good news—it supports their ability to stay current on loans and borrow with confidence when they need to.”
Concentrated Gains
The report showed gains concentrated in several sectors, including health care, transportation and warehousing, and retail trade, while federal government employment continued to decline.
According to the Bureau of Labor Statistics, April job growth included:
- 37,000 jobs in health care
- 30,000 jobs in transportation and warehousing
- 22,000 jobs in retail trade
Federal government employment fell again during the month.
The unemployment rate remained unchanged at 4.3%, with the number of unemployed Americans holding near 7.4 million. The labor force participation rate was little changed at 61.8%.
Average hourly earnings rose by 6 cents to $37.41, representing a 3.6% increase over the prior year, according to the BLS.
Jobs Revisions
The BLS also revised February payroll figures lower, showing the economy lost 156,000 jobs that month instead of the previously estimated 133,000 decline. Combined revisions for February and March lowered payrolls by 16,000 jobs.
Despite continued volatility in monthly employment figures, analysts said the latest report reinforced expectations that the Federal Reserve will keep interest rates unchanged for now, according to numerous analysts.
Reuters reported futures markets increased the odds the Fed would leave rates steady through the end of the year following Friday’s stronger-than-expected jobs data.
Economists cited by multiple news outlets described the current labor market as a “slow hire, slow fire” environment, in which businesses remain cautious about expanding payrolls but are also reluctant to cut workers amid ongoing labor shortages and demographic pressures.
