On Friday May 5th, the U.S. Labor Department released their April Employment Report. Despite widespread expectations for a recession, the economy is still chugging along, and the tight labor market continues.
Key Insights:
253,000 new jobs were created in April, 68,000 more than expected. Payrolls increased across all industries including Information, but the most were created in Education and Health Services.
Unemployment rates fell by 0.1% despite forecasts to increase by as much. The new rate of 3.4% ties January for a 53-year low. There are roughly 1.6 positions open per unemployed worker and though this ratio is declining, it is still well above pre-pandemic numbers. The Labor Force Participation rate continues to hold steady at 62.6% after rising since November 2022.
Wages continue to rise more than expected from March's forecast, with professional services experiencing the largest growth followed by trade, transport, and utilities.
The April Employment report is crushing expectations and is a reminder that retaining and recruiting top talent in this market remains a challenge. Ready to take your recruitment strategy to the next level? Contact us today.