April Job Surge May Disguise Instability | Presented by CME Group

Summary

April's jobs report beat expectations with 115,000 jobs added, but downward revisions to February and March, along with muted wage growth, point to a weakening labor market. The headline strength may disguise underlying instability.

• April nonfarm payrolls added 115,000 jobs, nearly double expectations.
• February's payrolls were revised down by 23,000 to -156,000 jobs.
• March was revised up slightly, but the two-month net revision was a downgrade of 16,000 jobs.
• Average hourly earnings rose 0.2% month-over-month, holding year-over-year at 3.6%.
• Unemployment rate remained flat, but revisions and wage data suggest the labor market is losing ground.
• The report's headline strength may mask growing instability.