U.S. Job Market Strength Continues in April
by:Tom Moeller
|in:Viewpoints
Summary
- Employment gains moderate, but remain robust.
- Hourly earnings growth stays strong y/y.
- Jobless rate steadies near 50-year low.
Nonfarm payroll employment increased 428,000 (4.6% y/y) during April, the same as in March which was revised from 431,000. A 390,000 April gain had been expected in the Action Economics Forecast Survey. The 714,000 February increase was revised from 750,000.
Wage growth continues to trek higher. Average hourly earnings rose 0.3% in April versus an expected 0.4% rise. The 5.5% y/y gain in April is up significantly from the 4.2% gain registered for all of 2021.
The unemployment rate held steady during April at a low 3.6%. A dip to 3.5% had been expected. Employment in the household survey declined 353,000 last month after rising 736,000 in March. The labor force fell by 363,000 workers after increasing 418,000 in March. The overall unemployment rate, including those who were marginally attached or working part-time for economic reasons, edged higher to 7.0% from 6.9% in March.
The employment & earnings data are collected from surveys taken each month during the week containing the 12th of the month. The labor market data are contained in Haver's USECON database. Detailed figures are in the EMPL and LABOR databases. The expectations figures are in the AS1REPNA database.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.