April’s jobs report is ‘generally favorable’ 

The Bureau of Labor and Statistics (BLS) released April’s jobs report Friday, noting 175,000 jobs were added and the unemployment rate rose slightly to 3.9%. America’s Credit Unions Vice President of Data & Research and Chief Economist Mike Schenk analyzed the data.  

“The Bureau of Labor Statistics April jobs report was generally favorable: job gains softened with 175,000 jobs added in the month. The U.S. unemployment rate rose modestly – from 3.8% in March to 3.9% at the end of April – remaining in the narrow range of 3.7% to 3.9% reported over the past nine months. 

“The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.3 hours in April – exactly equal to the year-ago reading. Historically, flat or declining year-over-year changes in the average workweek have been a reliable leading indicator of recession. 

“The Federal Reserve on Wednesday emphasized that market interest rates won’t be cut until policymakers have ‘greater confidence’ that inflation is slowing sustainably to its desired 2% target. Today’s employment report suggests job market fundamentals could be headed in a direction that is broadly supportive of achieving that goal,” said Schenk. 

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