Home Market News US NFP data below the consensus, healthcare jobs rose.

US NFP data below the consensus, healthcare jobs rose.

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The following is a summary, for the full report click here.

Key Highlights:

  • Employment Growth: Total nonfarm payroll employment rose by 175,000 in April, marking a decrease from the average monthly gain of 242,000 over the previous year.
  • Unemployment Rate: The unemployment rate remained stable at 3.9%, continuing a trend within the 3.7% to 3.9% range since August 2023.
  • Sectoral Insights: Significant job gains were reported in health care, social assistance, and transportation and warehousing.

Sector-Specific Developments:

  • Health Care: Added 56,000 jobs, consistent with recent trends.
  • Social Assistance: Increased by 31,000 jobs, led by gains in individual and family services.
  • Transportation and Warehousing: Increased by 22,000 jobs, with notable rises in couriers and messengers, and warehousing and storage.
  • Retail Trade: Continued to trend up with a 20,000 job increase across various sub-sectors.
  • Construction and Government: Saw minimal changes in employment numbers.

Economic Indicators:

  • Labor Force Participation: Remained unchanged at 62.7%.
  • Employment-Population Ratio: Also showed little change, standing at 60.2%.
  • Part-Time Employment: 4.5 million individuals were employed part-time for economic reasons, showing no significant change from the previous month.
  • Average Earnings: Average hourly earnings increased slightly by $0.07 to $34.75, reflecting a 3.9% increase year-over-year.

Demographic Insights:

  • Unemployment Variations: There were mixed changes among demographic groups; for instance, the unemployment rate for adult men rose slightly, while the rate for Blacks decreased.
  • Long-Term Unemployment: Remained steady with 1.3 million individuals classified as long-term unemployed.

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