Market Updates
U.S. Payrolls Additions Expanded in April, Jobless Rate Dropped to 5-Decade Low
Brian Turner
05 May, 2023
New York City
The U.S. economy accelerated net new jobs in April, the U.S. Bureau of Labor Statistics reported Friday.
Non-farm payrolls increased 253,000 in April after the economy added downwardly revised 165,000 in March.
Job additions in March were sharply lowered from the initial estimate of 236,000.
Both the unemployment rate, at 3.4%, and the number of unemployed persons, at 5.7 million, changed little in April.
The unemployment rate has ranged from 3.4% to 3.7% since March 2022 and dropped to a five-decade low in April and matched the level in February.
Both the labor force participation rate, at 62.6%, and the employment-population ratio, at 60.4%, were unchanged in April and remained below their pre-pandemic February 2020 levels of 63.3% and 61.1%, respectively.
In April, employment in professional and business services increased 43,000, in health care increased 40,000 and leisure and hospitality by 31,000.
In April, average hourly earnings for all employees on private nonfarm payrolls rose by 16 cents, or 0.5%, to $33.36 and extended annual wage gains to 4.4%.
February and March Payroll Downward Revisions
The increase in total nonfarm payroll employment for February was revised down 78,000, from 326,000 to 248,000, and for March was revised down 71,000, from 236,000 to 165,000.
With these revisions, employment in February and March combined is 149,000 lower than previously reported.
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