By Tom Burnett CFA
On May 3, 2024, the Bureau of Labor Statistics released its Employment Report for April. Total nonfarm payroll employment rose by 175,000 jobs, less than the 242,000 average gain over the previous 12 months. The unemployment rate was 3.9%, continuing its range of 3.7%-3.9% which began in August 2023. The number of unemployed workers was unchanged at 6.5 million, well below the 8.6 million job openings figure from the May 1 2024 Report.
Average hourly earnings for all payroll workers rose $0.07 to $34.75, up 3.9% from a year ago.
Revisions to the February and March reports led to a total reduction of 22,000 from the previous figures.
The next Employment Report will be issued on June 7, 2024.
Tom Burnett CFA is Director of Research.