After a year of whiplash, U.S. jobs market is stabilizing
Summary
The U.S. job market is becoming more stable after a year of ups and downs. Employers added 115,000 jobs in April, with growth spread across health care, transportation, and retail, while some sectors like information continue to shrink.Key Facts
- The U.S. added 115,000 jobs in April, following 185,000 jobs added in March.
- Health care added 37,000 jobs, transportation and warehousing 30,000, and retail 22,000 in April.
- The information sector lost 13,000 jobs in April and has cut 342,000 jobs since late 2022 (11% of its workforce).
- The overall unemployment rate has stayed stable between 4.3% to 4.5% for 10 months.
- Labor force participation dropped to 61.8%, the lowest since 2021, but participation among prime-age workers (25-54 years) stayed high at 83.8%.
- Part-time workers who want full-time jobs rose by 445,000 in April to 4.9 million people.
- Rising energy costs, partly due to the Iran conflict, add pressure on hiring and wages.
- Steady job growth may reduce chances of Federal Reserve interest rate cuts this year.
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