April labor report: The job market is steady

Addison Group April labor report

The U.S. labor market added 175,000 new jobs in April, according to the Bureau of Labor Statistics. The unemployment rate increased slightly to 3.9% from 3.8% in March. The latest report is in line with pre-pandemic levels.

Unemployment rate, seasonally adjusted, April 2022 - April 2024

While the unemployment rate ticked up slightly, April marks the 27th consecutive month under 4%. Not since the late 1960s has the jobless rate held under 4% for this long.

Healthcare continued to see strong gains this month, with 56,000 new jobs added in April; holding steady near the average monthly gain of 63,000 new jobs over the past year.

Government added 8,000 new jobs. There were also slight gains in leisure and hospitality, with 5,000 new jobs added.

Although hiring cooled a bit in April, economists believe the labor market is still strong.

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Download the April labor report

Source: April 2024 Monthly Jobs Report, Bureau of Labor Statistics

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