The April 2023 Jobs Report saw the unemployment rate change slightly to 3.4% in April from 3.5% in March. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 253,000, and the number of unemployed people changed a little to 5.7 million.
The labor force participation rate remained unchanged at 62.6% in April. Professional and business services, health care, leisure and hospitality, and social assistance saw notable job gains in April.
The unemployment rate for college-degreed professionals 25 years and older edged down slightly to 1.9% in April from 2.0% in March. Job seekers with some college or an associate degree saw a further decrease in unemployment from 3.0% in March to 2.9% in April.
Jobs added by industry:
- Professional and Business Services: 43,000 jobs added
- Health Care: 40,000 jobs added
- Leisure and Hospitality: 31,000 jobs added
- Social Assistance: 25,000 jobs added
- Financial Activities: 23,000 jobs added
- Government: 23,000 jobs added
Wage growth rose by 16 cents in March 2023
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 16 cents or 0.5% to $33.36. Over the past 12 months, average hourly earnings have increased by 4.4%.
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Sources: BLS, CNBC