US job growth remained robust in April as the unemployment rate held close to the pre-Covid low, further underscoring the tight domestic labor market.
- Non-farm payrolls increased by 428,000 compared to an estimate of 380,000 and a revised increase of 428,000 jobs in March.
- Employment in leisure and hospitality firms rose by 78,000 in April, easing just slightly from March’s 100,000. Education and health services firms brought back slightly more jobs in April compared to March at 59,000.
- Meanwhile, the unemployment rate remained steady at 3.6%, or close to February’s 2020 level of 3.5% before the pandemic started.
Wages also rose again, but at a slower monthly and yearly pace compared to March. On a monthly basis, average hourly earnings rose by 0.3%, slowing from March’s upwardly revised 0.5% increase. On an annual basis, average hourly earnings rose by 5.5%.
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Source: US Bureau of Labor Statistics