https://www.axios.com/2024/05/03/jobs-report-april-us-economy

The U.S. economy added 175,000 jobs in April, while the unemployment rate ticked up to 3.9% from 3.8%, the Labor Department said on Friday.

Why it matters: 

Jobs growth slowed from the prior month’s hot pace, but the data suggests that the labor market is still chugging along with healthy demand for workers.

• The pace of hiring was notably slower than economists’ estimate of 240,000 jobs in April.
• Job gains in March were slightly better than previously thought, upwardly revised to 315,000 from 303,000—though payrolls in February were revised lower by 34,000 to 236,000.

Driving the news:

The lower-than-expected job gains were concentrated in health care, social assistance, transportation and warehousing

• Average hourly earnings, a measure of wage growth, rose 0.2%.
• Over the past 12 months, average hourly earnings increased 3.9%.

State of play:

Friday’s data is the latest evidence that the labor market is holding steady — an important development for the broader economy.

• The Federal Reserve this week kept interest rates at the highest level in more than two decades.
• Its policymakers suggested that any rate cuts would happen later than previously thought due to stalled progress on curbing inflation.
• Fed chair Jerome Powell this week said that the central bank would be “prepared to respond to an unexpected weakening in the labor market.”