April jobs report expected to show a 'cooling' labor market
U.S. Bank Wealth Management Senior Vice President Lisa Erickson analyzes stock movements, the job market and potential 'further signs of deterioration.'
The April jobs report is expected to show the U.S. labor market cooled last month but that hiring remained solid even in the face of high interest rates and chronic inflation.
The Labor Department's April payroll report, due at 8:30 a.m. ET Friday, is projected to show that hiring increased by 243,000 last month and that the unemployment rate held steady at 3.9%, according to a median estimate by LSEG economists.
That would mark a decrease from the 303,000 gain in March, but it remains above the average monthly gain of 231,000 recorded over the past 12 months.
«The April jobs report will likely point to a cooling labor market with some moderation in employment gains, though job creation should remain vigorous,» said Lydia Boussour, EY senior economist.
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The Labor Department's April payroll report is projected to show that hiring increased by 243,000 last month and that the unemployment rate held steady at 3.9%, according to a median estimate by LSEG economists. (Paul Bersebach/MediaNews Group/Orange County Register via / Getty Images)
The Federal Reserve is closely watching the report for evidence that the labor market is finally softening after months of surprisingly solid job gains as policymakers gauge when to start cutting interest rates. Officials have suggested that fast wage growth – the product of a strong labor market – was a contributing factor to the inflation crisis that ravaged millions of Americans' pocketbooks over the past few years.
WAGES IN THE US ARE FALLING AT A
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