Politics
NEW: April Jobs Report Surpasses Expectations
Employer payrolls surpassed the expectations of economists who thought a slowdown was coming, but were buoyed by relatively good news for the month of April.
The U.S. Labor Department reported on Friday that nonfarm employers added 177,000 jobs in that time, below the 228,000 added in March but beating the estimates of economists polled by LSEG. The unemployment rate held steady at 4.2%.
Private sector payroll grew by 167,000 jobs in April, surpassing the 125,000 estimated by LSEG.
Another 10,000 jobs were added across all levels of government, a mixed result of 9,000 jobs cut at the federal level while state governments added 6,000 positions and another 13,000 in local governments. The U.S. Bureau of Labor Statistics includes employees on paid leave or participating in ongoing severance pay.
In the manufacturing sectors, employers reported 1,000 fewer jobs in April, a decline smaller than the 5,000 LSEG economists had predicted.
Industry-level results show a healthy growth across all sectors, spanning healthcare (+51,000), transportation (+29,000), financial services (+14,000), and social assistance (+8,000), the latter typically associated with nonprofit or welfare care for children, families, seniors, and the disabled.
The labor participation rate remained 62.6%, a result that’s been relatively consistent over the past 12 months, Fox News reports.
In addition to full-time positions added, another 4.7 million workers reported collecting some type of part-time pay. They remain an active part of the job market, hunting for full-time positions but working less due to reduced hours or similar factors.
The trend of holding multiple jobs has continued to wane, perhaps a positive sign that more Americans are able to get by on one income. The category declined by 76,000 workers.
The Labor Department also revised downward jobs reports from the past two months, though nowhere near the drastic declines consistently made during the Biden administration. Job creation in February was revised downward by 15,000 for a result of 117,000 to 102,000; in March, new figures reflect 43,000 fewer jobs added than originally thought, for a reduction from 228,000 to 185,000.
Stock markets rallied on news of the better-than-expected jobs report, sending all indices upward at the opening bell, Yahoo reports.
The news is also a welcome announcement for the White House, which had been bracing for a negative impact as a result of “Liberation Day” tariffs that have rattled markets and employer confidence. However, assurances that the pressure tactics will pay off were apparently realized on Thursday when China’s commerce ministry said it is seriously evaluating the U.S. offer for a reduction in tariffs in exchange for fewer tariffs on U.S. imports.
A spokesman for Beijing said the “door is open” for U.S. officials to begin talks.
On Truth Social, President Donald Trump took a victory lap while also pointing to a reduction in gas prices.
“Gasoline just broke $1.98 a Gallon, lowest in years, groceries (and eggs!) down, energy down, mortgage rates down, employment strong, and much more good news, as Billions of Dollars pour in from Tariffs. Just like I said, and we’re only in a TRANSITION STAGE, just getting started!!! Consumers have been waiting for years to see pricing come down. NO INFLATION, THE FED SHOULD LOWER ITS RATE!!! DJT,” he wrote Friday.
