It was the 16th straight month of job growth and the 12th straight month of more than 400,000 jobs added, but gains have begun to slow.
Although last month’s number was more than 391 000 that economists predicted that the slowdown in job growth there is nothing surprising. This is partly because the recovery has come a long way and had to slow down at some point. And it’s also partly due to a labor shortage, which makes it hard to find workers to hire.
As businesses struggle to find staff, they continue to raise wages to attract workers. The average hourly wage rose another 10 cents, or 0.3%, last month to $31.85. Wages have risen steadily since June 2020. Over the past 12 months, average hourly earnings have increased by 5.5%.
“The April report may not be as outstanding as recent releases, but it still reflects a very strong job market,” Indeed Nick Bunker, director of economic research at Indeed, said in an email comment. “The current job growth is remarkable given how tight the labor market is.”
Before the pandemic, the U.S. economy averaged less than 200,000 jobs under the Trump administration. So the Biden administration’s constant reminder that the economy remains strong is undoubtedly true.
Last month, most jobs were added in the leisure and hospitality industry. Manufacturing, transportation and warehousing have also added a significant number of jobs.
This is an evolving story. It will be updated.