Jobs Report Today 5 April 2023 | The US job market remains strong

US employers added 253,000 jobs this April.

Jobs Report Today 5 April 2023

labor market still defies gravity Employers added 253,000 jobs in April, the Labor Department reported on Friday, May 5 in Jobs Report Today, reversing the cooling trend that marked the first quarter and was expected to continue.

Month after month, the unemployment rate for black workers has been falling to record lows. Right now, unemployment across racial and ethnic groups is below 5 percent — even though black workers, on average, are out of work at more than one and a half times the rate of their white counterparts. Source: Bureau of Labor Statistics

Stocks shot to the open, with the S&P 500 up more than 1 percent, rebounding from Thursday’s losses as pressure on regional banks intensified, and shrugging off strong jobs data in April instead of focusing on a longer-term slowdown in hiring.

Still, some investors are urging caution. “Our concern is that policy rates will have to stay high,” said Matt Perron of Janus Henderson Investors, noting that this would put pressure on company earnings and share prices. “Today’s data reinforces those concerns.”

Employment growth spans many industries.

Change in employment in April 2023 by sector

Industries across the board saw modest job gains in April, as employers shrugged off concerns about rising interest rates and a slowing economy. Even some rate-sensitive sectors continued to hire, though there were some signs of cooling.

+77,000 jobs

Construction businesses added 15,000 jobs, reversing a slight decline in the previous month. Economic observers are looking to the construction industry for signs of a more pronounced slowdown in the labor market. But the sector has defied expectations, adding jobs despite higher mortgage rates, even as there are signs it could be flat.

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Source www.nytimes.com