According to data released today by the Bureau of Labor Statistics, total nonfarm payroll employment expanded by 115,000 jobs in April, well above market expectations for a gain of 65,000. This followed a revised increase to 185,000 in March. Healthcare led the job expansion (+37,000), followed by transportation and warehousing (+30,000), retail trade (+22,000) and social assistance (+17,000). Gains were partially offset by declines in federal government (-9,000) and information (-13,000). The unemployment rate remained unchanged at 4.3%, meeting market expectations.
The ABA Office of the Chief Economist views this month’s job gain as evidence of a strengthening jobs market that withstood high energy costs and geopolitical uncertainty. The latest job market strength should support consumer loan demand and credit quality in the near future.
