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April 2024 Jobs Report

On Friday May 3rd, the U.S. Labor Department released their April Employment Report, missing expectations across several categories. However, these disappointments do not necessarily indicate a continued downward trend. The labor market remains strong, even though it is less strong relative to March's report

Key Insights:

new payrolls april

The April Employment report did not meet expectations in job creation/payroll growth. Forecasts were for 240,000 new payrolls in April, while the actual number was 175,000 added as compared to gains of 315, 000 payrolls in March 2024. Historically, these gains are still solid. Average monthly payroll gains over the past 20 years were 88,000.

Growth was seen across 8 of the 11 industries however the majority of growth was concentrated in Education & Health Services and Trade, Transport, & Utilities. 


unemployment rate - March 2024

The unemployment rate rose 0.1% to 3.9% while forecasts were for no change, and the Labor Force Participation Rate held steady at 62.7%. Unemployment below 4% is still extremely low and a 0.1% change is the smallest possible change.

The gap between open jobs and available workers closes yet again with only a delta of 2 million more job openings than workers as compared to a 2.3 million gap in March.

While this gap is slowly closing, it is important to remember that today's market continues to favor the job seeker. Lengthy interview processes, lack of flexibility and less competitive compensation can remove employers from a candidate's consideration very quickly. Employers must be more in tune than ever with what their employees and candidates want and need in order to attract and retain the talent they need.

open jobs_April report


Overall, April's report still shows a strong labor market, even if it is less strong relative to March. It is important to remember that one month does not make a trend and hiring and unemployment still remain healthy by historic standards. There is still tough competition for top talent in the labor market and if you need talent to serve your clients or grow your business the time to start searching is NOW!

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