April 2023 Jobs Report | ACCUR Recruiting Services

Total employment increased by a robust 253,000 in April, compared with the average monthly gain of 290,000 over the prior 6 months.

These gains took place against the backdrop of rate hikes by the Fed and moderating inflation.

The biggest gainers included:

Professional and business services
Health care
Leisure and hospitality
Social assistance

Other Important Economic Indicators

New higher interest rates take effect: the Fed approved its 10th interest rate increase in just a little over a year. Many economists believe that the Fed will hold rates steady for the rest of the year, which will be a relief to borrowers feeling the squeeze.

Inflation is trending down for the tenth straight month: consumer price increases moderated to 4.9 percent in the year through April.

Inside the April Jobs Report

Here are the highlights of the jobs report:

In April, employment continued to trend up in professional and business services (+43,000). Over the prior 6 months, the average monthly gain in the industry was 25,000. In April, professional, scientific, and technical services added 45,000 jobs. Employment in temporary help services continued to trend down over the month (-23,000) and is down by 174,000 since its peak in March 2022.
Employment in health care increased by 40,000 in April, compared with the average monthly gain of 47,000 over the prior 6 months. Over the month, employment continued to trend up in ambulatory health care services (+24,000), nursing and residential care facilities (+9,000), and hospitals (+7,000).
Employment in leisure and hospitality continued to trend up in April (+31,000), largely in food services and drinking places (+25,000). Leisure and hospitality had added an average of 73,000 jobs per month over the prior 6 months. Employment in this industry remains below its pre-pandemic February 2020 level by 402,000,
or 2.4 percent.
In April, social assistance added 25,000 jobs, in line with the average monthly gain of 21,000 over the prior 6 months. Individual and family services added 21,000 jobs over the month.
Employment in financial activities increased by 23,000 in April, with gains in insurance carriers and related activities (+15,000) and in real estate (+9,000). Employment in financial activities changed little in the first 3 months of this year.
Government employment continued its upward trend in April (+23,000). Government had added an average of 52,000 jobs per month over the prior 6 months. Overall, employment in government is below its February 2020 level by 301,000, or 1.3 percent.
Employment was little changed over the month in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and other services.