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US jobs market grows by 253,000 despite companies making massive cuts
https://www.whatjobs.com/news/usa/us-jobs-market-grows-by-253000-despite-companies-making-massive-cuts
Total non-farm payroll employment rose by 253,000 in April, despite huge companies shedding thousands and thousands of jobs are the economy remains uncertain.
Employment increased in various sectors, including professional and business services, health care, leisure and hospitality, and social assistance.
The household survey data showed little change in the unemployment rate, which ranged from 3.4 percent to 3.7 percent since March 2022. The number of unemployed persons, at 5.7 million, remained stable.
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The labor force participation rate and the employment-population ratio were unchanged at 62.6 percent and 60.4 percent, respectively.
However, both measures remained below their pre-pandemic February 2020 levels.
Among the major worker groups, adult men, adult women, Whites, Blacks, Asians, and Hispanics showed little or no change in unemployment rates in April.
Teenagers, however, experienced a slight increase in the unemployment rate at 9.2 percent.
Professional and business services continued to trend up with an increase of 43,000 jobs.
Employment in health are rose by 40,000, and leisure and hospitality gained 31,000 jobs, primarily in food services and drinking places.
Social assistance added 25,000 jobs, and government employment continued to trend up, adding 23,000 jobs in April. Employment in mining, quarrying, and oil and gas extraction rose by 6,000 jobs.
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However, there was little change in employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and other services.
In April, average hourly earnings for all employees on private nonfarm payrolls increased by 16 cents, or 0.5 percent, to $33.36.
Over the past 12 months, average hourly earnings have increased by 4.4 percent. The average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in April [1].
It's essential to note that the change in total nonfarm payroll employment for February was revised down by 78,000, and the change for March was revised down by 71,000. With these revisions, employment in February and March combined is 149,000 lower than previously reported.
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