While the economy added 428,000 jobs in April, however, overall wage growth showed signs of slowing last month.
The economy added 428,000 jobs in April, while the unemployment rate remained flat at 3.6 percent. The unemployment rates for white workers , Blacks , Asians , and Hispanics were all virtually unchanged from the previous month.The overall labor force participation rate declined 0.2 percentage points to 62.2 percent, returning to the January 2022 level. This marks the first time since May 2021 that the LFPR has experienced a month-over-month decline.
There are 586,000 still out of the labor force due to the pandemic, including 63,000 prime age men and 165,000 prime age women. There are also 124,000 parents with children under 18 who cited the COVID-19 pandemic as their reason for being out of the labor force. The share of parents who cite the pandemic as their reason for being out of the labor force is twice the size of non-parents who say the same.
While these data can be erratic, the month-to-month consistency suggests that the tight labor market may be on the verge of becoming less so. The steadiness of the voluntary quit rate is also important when considering the slowing wage growth mentioned above. In a weaker labor market, employers will be under less pressure to increase wages in order to compete for workers.The number of childcare workers continued to grow, with the industry adding 2,700 workers between March and April.
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