The nation’s seasonally-adjusted unemployment rate held steady in April, matching March’s number and remaining in a tight 4.0%-4.2% range for the 12th straight month, the U.S. Bureau of Labor Statistics (BLS) reported Friday.
While the 177,000 increase in nonfarm payroll employment fell short of the 200,000 benchmark considered to be average, it was 44,000 more jobs than the 133,000 analysts had predicted. It also exceeded the average monthly gain of 152,000 over the prior 12 months.
While the news provided promise the Fed will forgo any change in interest rates, it also helped send markets soaring. By noon Friday, the Dow was up more than 600 points, the NYSE was up more than 300 points and the S+P 500 was nearly 90 points higher for the day.
The S+P 500 has now erased all of its pull-back since President Trump's announcement last month of his plan to impose reciprocal tariffs. If it ends the day higher, it will extend the S+P 400's streak of gains to 9 sessions, which would be the first time this has happened since 2004.
Employment continued to trend up in health care, transportation and warehousing, financial activities, and social assistance.
Federal government employment decline by 9,000 in April, thanks in part to Pres. Donald Trump’s Department of Government Efficiency (DOGE) initiative to reduce government waste, fraud and abuse of taxpayers’ hard-earned money.
Total government employment increased 10,000, due to jobs added at the state (+6,000) and local (+13,000) levels.
By major private sector, monthly employment increases include:
- Health care: +51,000, in line with the +52,000 average the previous 12 months.
- Hospitals: +22,000.
- Ambulatory health care services: +21,000.
- Transportation and warehousing: +29,000, up from +3,000 in March.
- Financial activities: +14,000. (+103,000 jobs added since its employment trough in April 2024.)
- Social assistance: +8,000, less than the +20,000 average monthly gain over the prior 12 months.
Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; retail trade; information; professional and business services; leisure and hospitality; and other services.
Employment growth in February and March was revised downward by a combined 58,000 jobs from previous reports.
In April, average hourly earnings for all employees on private nonfarm payrolls rose by six cents, or 0.2%, to $36.06. Over the past 12 months, average hourly earnings have increased by 3.8%.
The average workweek for all employees on private nonfarm payrolls was unchanged at 34.3 hours in April.