The U.S. economy added 428,000 jobs in April, topping the market forecast of 391,000, according to the Bureau of Labor Statistics (BLS). The unemployment rate was unchanged at 3.6 percent.
Average hourly earnings rose at an annualized rate of 5.5 percent, below the 8.5 percent inflation rate, indicating that employees are losing money. On a month-over-month basis, average hourly earnings edged up 0.3 percent, or 10 cents, to $31.85. Average weekly hours held steady at 34.6. The labor force participation rate dropped 0.2 percentage points to 62.2 percent.
The employment gains were broad-based, led by leisure and hospitality (+78,000), education and health services (+59,000), manufacturing (+55,000), and transportation and warehousing (+52,000).
Professional and business services added 41,000 positions, while financial services created 35,000 new jobs. Retail trade picked up 29,200 jobs. and government jobs increased 22,000.
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