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MNI BRIEF: US April Payrolls +428K, Beats Expectations

(MNI) Washington

Gains were widespread, with leisure and hospitality, restaurants and hotels leading the hiring surge. Sectors more affected by the pandemic saw outsize gains as restrictions eased further in the spring. Leisure and hospitality rose by 78,000, restaurants by 44,000 and accommodation by 22,000.

April U.S. payrolls rose by 428k, matching the revised March pace and more than the 380k expected by analysts as employers rushed to fill historically high levels of open positions, the Bureau of Labor Statistics said Friday. The unemployment rate was flat at 3.6%, close to pre-pandemic lows.

The participation rate fell back by two-tenths to 62.2%, while the employment-population ratio edged down a tenth to 60.0%. Both are 1.2pp below their pre-pandemic value, the BLS said. The household survey employment measure was -353k in April, breaking a twenty-three month straight increase.

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April U.S. payrolls rose by 428k, matching the revised March pace and more than the 380k expected by analysts as employers rushed to fill historically high levels of open positions, the Bureau of Labor Statistics said Friday. The unemployment rate was flat at 3.6%, close to pre-pandemic lows.

The participation rate fell back by two-tenths to 62.2%, while the employment-population ratio edged down a tenth to 60.0%. Both are 1.2pp below their pre-pandemic value, the BLS said. The household survey employment measure was -353k in April, breaking a twenty-three month straight increase.

Keep reading...Show less