June 2, 2023
Non Farm PayrollsIn April 2023, the US economy surprised analysts by adding 253,000 jobs, surpassing expectations of 180,000 and rebounding from a downwardly revised figure of 165,000 in March. Job growth was observed in various sectors, including professional and business services (43,000), health care (40,000) with a notable contribution from ambulatory services (24,000), leisure and hospitality (31,000) primarily in food services and drinking places (25,000), and social assistance (25,000). Additionally, employment increased in financial activities (23,000), government (23,000), and mining, quarrying, and oil and gas extraction (6,000).
However, employment levels remained relatively unchanged in construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and other services. The April job gain substantially surpassed the range of 70,000 to 100,000 monthly jobs needed to accommodate the growth of the working-age population. Comparatively, it stood above the average monthly gain of 290,000 over the previous six months. Notably, the March figure was significantly revised downward from the initial estimate of 236,000 to 165,000.
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