US job growth slowed in April but remained significantly stronger than expectes. Non-Farm Payrolls increased by 115k during the month, comfortably above consensus forecasts near 60k, while March payrolls were revised higher from 178k to 185k.
The unemployment rate held steady at 4.3% as expected, although the labor force participation rate edged lower from 61.9% to 61.8%. The labor market continues to show resilience despite elevated interest rates and heightened geopolitical uncertainty.
Wage growth was relatively contained. Average hourly earnings rose 0.2% mom for a second consecutive month, undershooting expectations for a 0.3% increase. On an annual basis, wage growth ticked up from 3.4% yoy to 3.6% yoy.
| Indicator | Previous | Latest | Expectation |
|---|---|---|---|
| Non-Farm Payrolls | 185k | 115k | 60k |
| Unemployment Rate | 4.3% | 4.3% | 4.3% |
| Participation Rate | 61.9% | 61.8% | — |
| Avg Hourly Earnings (MoM) | +0.2% | +0.2% | +0.3% |
| Avg Hourly Earnings (YoY) | +3.4% | +3.6% | +3.8% |
