U.S. Employment Increased By 428,000 in April
By Tom Burnett CFA
On May 6, 2022, the Bureau of Labor Statistics released the employment situation data for the month of April. Nonfarm employment increased by 428,000 and the unemployment rate was unchanged at 3.6%. Total employment is now just 1.2 million below the February 2020 level which was the highwater mark, prior to the Covid-19 outbreak. The number of unemployed workers seeking work is now 5.9 million, compared to 5.7 million in February 2020. Revisions to the February and March data led to a total reduction of 39,000 jobs. Manufacturing employment rose by 55,000 in April, but is still lower by 56,000 from the February 2020 level.
Hourly earnings rose slightly to an overall average of $31.55, up 5.5% from a year earlier.
The next report will be issued on June 3, 2022.
Tom Burnett CFA is Director of Research