April jobs report bears expectations, unemployment steady

Total nonfarm payroll employment edged up by 115,000 in April, and the unemployment rate was unchanged at 4.3%, the U.S. Bureau of Labor Statistics reported Friday. Job gains occurred in health care, transportation and warehousing, and retail trade. Federal government employment continued to decline.

“April’s jobs report surprised to the upside: hiring beat expectations and unemployment held steady, pointing to a resilient labor market. That reinforces the Federal Reserve’s stance to hold rates while inflation risks remain elevated, and markets have already priced out cuts for this year,” said America's Credit Unions Senior Economist Dawit Kebede. “For credit union members, a stable labor market is good news—it supports their ability to stay current on loans and borrow with confidence when they need to."