https://www.axios.com/2023/05/05/april-jobs-report-economy?stream=top&utm_source=alert&utm_medium=email&utm_campaign=alerts_all

The labor market added 253,000 payrolls in April, while the unemployment rate dipped to 3.4% — a historically low level.

Why it matters:

Job growth continued to boom last month, the latest sign that economy has strong momentum despite recent bank failures.

• Economists expected a gain of 185,000 jobs last month.

Details:

The April job figures are a pickup from the 165,000 jobs added the previous month, which were revised down by 71,000, the Labor Department said on Friday.

• The Labor Department said that jobs growth in the previous two months was lower than first estimated: jobs growth was revised down by a combined 149,000 for February and March.

The big picture:

In recent months, more Americans have joined the workforce, helping to ease labor force shortages.

• The labor force participation rate — or the share of workers employed or looking for work — held at 62.6% in April.
• Average hourly earnings, a measure of wage growth, rose to 0.5% in March. Wages rose 4.4% from the same time last year.

Where it stands:

The Federal Reserve has been concerned about an out-of-balance labor market that it fears could stoke inflation that’s already running high.

• But Fed Chair Jerome Powell said this week that there were signs that the workforce was “coming back into better balance,” though it remained “very tight.”