In April, job growth slowed significantly with only 175,000 positions added, according to the Bureau of Labor Statistics. This is the lowest number since October last year and comes as the Federal Reserve attempts to curb demand in order to combat high inflation. Economists had anticipated a gradual slowdown due to high interest rates. The unemployment rate, however, inched higher to 3.9%.
The health care sector accounted for the largest payroll gains in April, adding 56,200 jobs last month. Employment also increased in doctors' offices (5,600), home health care services (13,900), hospitals (13,500), and nursing and residential care facilities (9,300).
The social assistance sector saw a significant increase in payrolls last month with 30,800 new jobs. Most of these jobs were created within individual and family services (22,500). The transportation and warehousing sector also contributed to the headline job gain last month by onboarding 21,800 employees. April also saw notable gains in retail trade (20,100) and wholesale trade (10,100).
However, hiring was lackluster beyond these sectors in April. Construction hired 9,000 workers last month while both manufacturing and the government saw their payrolls rise by 8,00. A handful of sectors saw a decline in hiring last month with mining and logging shedding 3,00 jobs, professional and business services losing 4,0 jobs and information seeing an employment decrease of 8,0 jobs.
