A 'Mornings with Maria' panel reacts to the March jobs report, the Fed's expected rate cuts, inflation, A.I. stocks and Biden's 2025 budget proposal.
Job growth sputtered in April as many industries like manufacturing and leisure and hospitality pulled back on hiring.
Employers added 175,000 jobs in April, the Labor Department said in its monthly payroll report released Friday, missingthe 243,000 gain forecast by LSEG economists. It marked the worst month for job creation since October. The unemployment rate, meanwhile, inched higher to 3.9%.
«From a sector standpoint, health care and construction continue to be standout performers for job growth, while gains in the rest of private services (excluding supply chain services) have leveled off after some weakness to end 2023,» said Rick Rieder, BlackRock's chief investment officer of global fixed income.
US ECONOMY ADDS 175K JOBS IN APRIL, MUCH WEAKER THAN EXPECTED
A «We're Hiring» sign at the NC Works Career Center in Wilmington, North Carolina on March 7, 2024. (Photographer: Allison Joyce/Bloomberg via Getty Images / Getty Images)
The health care sector accounted for the biggest payroll gains in April, adding 56,200 jobs last month. Employment continued to trend upward in doctors' offices (5,600), home health care services (13,900), hospitals (13,500) and nursing and residential care facilities (9,300).
There were also sizable gains within the social assistance sector last month, with payrolls growing by 30,800. The bulk of those jobs took place within individual and family services (22,500).
Hiring in the transportation and warehousing sector was the third-biggest contributor to the headline job gain last month. The industry onboarded 21,800 employees in April. Most
Read more on foxbusiness.com