Market Updates
U.S. Nonfarm Payrolls Expanded at a Slower Pace In April
Brian Turner
03 May, 2024
Washington, D.C.
The U.S. economy added 175,000 net new jobs in April, the Bureau of Labor Statistics reported Friday.
In April, employment expanded in healthcare by 56,000, social assistance by 31,000, transportation and warehousing by 22,000, retail trade by 20,000, and construction by 9,000.
The government, at all levels, added only 8,000 jobs after averaging an increase of 55,000 over the last 12 months.
The total nonfarm payroll employment for February was revised down by 34,000, from 270,000 to 236,000, and for March, it was revised up by 12,000, from 303,000 to 315,000.
With these revisions, employment in February and March combined is 22,000 lower than previously reported.
Average hourly earnings in April increased by 0.2% to 7 cents to $34.75, and over the last 12 months, average hourly earnings rose by 3.9%.
The annual pace of wage gains has been slowing since a 4.5% rise in January, 4.3% in February, and 4.1% in March.
The U.S. economy added an average of 254,000 net new jobs in the first quarter, significantly higher than the long-term average addition of 170,000.
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