April Employment Recap: Hanging In There, But Not Thriving

April nonfarm payrolls beat expectations at 115k, but a rising unemployment rate to 4.34% and muted wage growth suggest the labor market is cooling despite headline resilience.

Key Takeaways

• 1.Nonfarm payrolls increased by 115k in April, significantly exceeding the consensus estimate of 65k.
• 2.The unemployment rate increased to 4.34% and wage growth remains muted, indicating a lack of inflationary pressure from the labor market.
• 3.Productivity growth remains strong at 2.9% for Q1, which along with lower unit labor costs, suggests reduced forward-looking inflationary pressure.

Table of Contents

• US Macro Snapshot
• April Employment Recap: Hanging in there, but not thriving
• Disclaimer

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