Market Updates
U.S. Employers Added 428,000 Jobs, Labor Participation Rate Falls
Brian Turner
06 May, 2022
New York City
U.S. employers added jobs at a slower pace in April broadly and a sustained recovery in the labor market extends to the 12th month in a row.
Non-farm payroll increased 428,000 in April and jobless rate held at 3.6% from March.
Hospitality and leisure sector led the job growth in the month with 78,000 additions, manufacturing added 55,000, and transportation and warehousing jobs increased by 52,000.
Financial activities added 35,000 jobs and healthcare employment increased 34,000.
Average hourly earnings rose 10 cents or 0.3% to $31.85 or increased 5.5% on a 12-month basis.
March payroll increase was revised down 36,000 to 714,000 and February data was revised lower 3,000 to 428,000.
Labor force participation rate held at 62.2% and the employment-population ratio stayed nearly unchanged at 60.0% compared to a month ago.
Civilian labor force unexpectedly shrank 363,000 to 164.04 million and labor force participation rate declined 0.2 percentage point from March to 62.2%.
The latest jobs report is not likely to sway the Federal Reserve from its stated policy of slow tightening.
Month-to-month decline in labor participation rate may be a one-month noise or indicate a trend reversal, but the rate data will be closely watched in the months to come.
The Fed is hoping to cool the labor demand by slowing the economy if not enough people join the labor market in the coming months.
Prior to the pandemic, the civilian labor force peaked at 164.5 million in February 2020 with the participation rate peaking at 63.4% in the month.
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