April jobs report shows solid hiring despite downward revisions in previous months

Total nonfarm payroll employment increased by 177,000 in April, and the unemployment rate was unchanged from March at 4.2%, the U.S. Bureau of Labor Statistics reported Friday.

"The April jobs report was solid even in the face of mild downward revisions to prior months. Sectors believed to be most exposed to tariffs were resilient through the second week of April when data was collected,” said America’s Credit Unions Chief Economist Curt Long. “There are reasons to remain concerned that industries like trucking will see significant job losses in future months, as shipping volume is already contracting. But this is a reassuring report that likely pushes any rate cut from the Federal Reserve to the second half of the year at the earliest. In the event that economic turbulence appears, credit unions will play a critical role in providing financial assistance to their local communities."