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.
Catch Up With Previous Jobs Reports
- Signs of moderation in March 2023
- February 2023’s continued strength
- January 2023’s unexpected surge
- Steady gains in December 2022
- Growth in November 2022
- Resilience in October 2022
- Mixed messages in September 2022
- August 2022’s cooling forecast
- Great job news in July 2022
- Continued growth in June 2022
- Strong growth in May 2022
- Big month of growth in April 2022
- March 2022’s strong growth
- February 2022’s blockbuster growth
- January 2022’s strong growth despite Omicron
- Promising news for hospitality in December 2021
- November 2021’s mixed picture
- October 2021’s robust gains
- A slower-than-expected report in September 2021
- The summer‘s roaring recovery trajectory in 2021
- Better than expected growth in June 2021, especially in travel
- A turnaround in May 2021
- An anemic April 2021 jobs report
Edouard Thoumyre is a seasoned executive recruiter with over 17 years of experience in executive search, as the Founder and Managing Partner of ACCUR Recruiting Services. Specializing in the Consumer and Luxury Goods industries, he has a proven track record of placing senior level and C-level executives in family, private equity-backed, and Fortune 500 companies in the beauty, wine & spirits, watch & jewelry, home goods, and tobacco industries, among others. Edouard Thoumyre holds a master’s degree in Entrepreneurship from HEC Paris (#1 European Business School, Financial Times rankings) and a master’s degree in industrial engineering from Centrale Lille (a top 10 French engineering school). ACCUR Recruiting Services has been recognized as a Forbes Top 100 executive search firm since 2018.
Edouard Thoumyre and his firm, ACCUR Recruiting Services, have been featured in numerous publications such as WWD, Business Insider, Newsweek, CPG Specialist, Yahoo Finance, Nasdaq.com, Marketplace by NPR, Business of Fashion…