The U.S. economy added 177,000 jobs in April, according to a Bureau of Labor Statistics report published Friday. The better-than-expected jobs numbers are being interpreted by many as solid and may contribute to a reluctance on the part of the Federal Reserve to cut interest rates.
The unemployment rate remained steady at 4.2 percent. Since May 2024, unemployment has held between 4.0 and 4.2 percent.
The two sectors of the economy that added the most jobs were healthcare, which added 51,000 jobs in April, and transportation and warehousing, which added 29,000 jobs. Federal employment declined by 9,000 and has decreased by 26,000 since January.
The labor force participation rate also remained steady at 62.6 percent. This important metric has changed little over the past year.
During April, the average hourly earnings of private employees rose slightly, by 6 cents, to $36.06.
The report also included a revision of the jobs numbers for February and March, down to 102,000 and 185,000, from 117,000 and 228,000 respectively. Under these revisions, March growth in employment still beat expectations, though by less than the initial March jobs report indicated.
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