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United States Unemployment April 2022

United States: Labor market remains strong in April

Total non-farm payrolls increased by 428,000 in April, matching March’s revised figure and above market expectations. Employment gains were broad-based, but were particularly strong in leisure and hospitality, in manufacturing, and in transportation and warehousing. Leisure and hospitality likely received a boost from the fading impact of the pandemic, while manufacturing and transport benefited from employers’ attempts to keep up with greater production requirements.

The unemployment rate was unchanged at 3.6% in April. Hourly earnings were up 0.3% month-on-month in April and 5.5% year-on-year. All in all, the data shows the labor market remained strong at the outset of Q2, although firms are struggling to find staff and elevated inflation—which is currently tracking well above wage growth—is hurting purchasing power.

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