U.S. Employment Report: About 428,000 jobs were added to the economy in April
This is the 12th month in a row that 400,000 or more jobs have been added to the American economy. However, the unemployment rate did not fall as US economists expected it to
More than 400,000 new jobs were added to the U.S. economy during April despite the high inflation that has plagued the country for a long time. This is according to a report by the Bureau of Labor Statistics (BLS).
Illustration (Photo: Getty Images)
According to the report, 428,000 jobs were added to the economy last month. For comparison, the prevailing opinion among US economists was that about 400,000 jobs were added to the economy in April.
The report also states that there was an update in the number of jobs added in March, which dropped from 431,000 (as reported in the previous jobs report) to 428,000 (the same amount for April). In fact, it is the 12th consecutive month in which more than 400,000 new jobs have been added to the U.S. economy.
However, there is also less good news in the report. For example, the unemployment rate remains the same and stands at 3.6%. A forecast by Wall Street economists published this week states that this figure is expected to fall to 3.5%.
Similar to previous reports, this time too the leisure and accommodation industry (hotels etc.) led with an addition of 78,000 jobs. The unemployment rate in this industry stood at 39.3% in April 2020, but now the figure has dropped to the lowest level since September 2019 – 4.8%.
Payroll employment increases by 428,000 in April; unemployment rate unchanged at 3.6% https://t.co/1Y9cSWJUIB #JobsReport #BLSdata
— BLS-Labor Statistics (@BLS_gov) May 6, 2022
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