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United States Unemployment April 2024

United States: Job gains undershoot market expectations in April

Total non-farm payrolls grew by 175,000 in April, down from 315,000 in March and undershooting expectations by around a quarter. Job gains occurred in health care, in social assistance, and in transportation and warehousing. The unemployment rate was 3.9% in April, similar to March’s figure.

All in all, the latest figures suggest that the labor market lost some steam at the outset of Q2, but remained healthy overall, boding well for private consumption.

On the labor market, TD Economics’ Thomas Feltmate said:

“By most metrics, the labor market remains both healthy and tight. Employment gains remain robust, the unemployment rate is low, and job openings – while falling – are still elevated relative to pre-pandemic levels.”

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