It was the 16th consecutive month of job growth and the 12th consecutive month in which more than 400,000 jobs were added, but the gains have begun to moderate.
Last month, most positions were added in the leisure and hospitality industry. Manufacturing, transportation, and warehousing also added a significant number of jobs.
Workers also continued to return to their offices: The percentage of Americans telecommuting due to the pandemic fell to 7.7% in April from 10% in March.
getting back to normal
Although last month’s number was higher than the 391,000 that economists had predicted, slowing job growth It’s not a surprise
“A slower 2022 lies ahead,” said Daniel Zhao, a senior economist at Glassdoor.
Signs of cooling in the labor market are all over the April report: The labor force participation rate, for example, fell to 62.2% from 62.4% in March, falling for both men and women.
The moderation in the employment recovery is in part due to the fact that the job market has come a long way and was bound to experience a downturn at some point. And it’s also due in part to labor shortages that make it harder to find workers to hire.
As companies struggle to find staff, they keep raising wages to attract workers. Average hourly earnings rose another 10 cents, or 0.3%, last month to $31.85. Wages have increased steadily since June 2020. Over the past 12 months, average hourly earnings increased 5.5%.
“April’s report might not be as stellar as recent releases, but it still shows a very strong job market,” Indeed’s director of economic research Nick Bunker said in emailed comments. “The current pace of job creation is remarkable given how tight the job market is.”
Before the pandemic, the US economy was adding, on average, fewer than 200,000 jobs during the Trump administration. So the constant reminder from the Biden administration that the economy remains strong is undoubtedly true.
The pandemic recession came and went in an instant. But that doesn’t mean American workers didn’t feel the pain.
That said, not everything is back to normal in the United States.