Sunday, June 23, 2024

U.S. job growth slows in April, unemployment rate remains stable at 3.9%


The U.S. economy added 175,000 jobs in April, a modest increase that fell short of the average monthly gain of 242,000 over the previous year, according to a report released by the Bureau of Labor Statistics. Despite the slowdown in job growth, the unemployment rate remained relatively stable at 3.9 percent.

The report showed that the healthcare sector continued to be a significant driver of employment, adding 56,000 jobs in April, with gains in ambulatory health care services, hospitals, and nursing and residential care facilities. The social assistance sector also experienced notable growth, with an increase of 31,000 jobs, primarily in individual and family services.

Transportation and warehousing added 22,000 jobs in April, contributing to the overall employment gains. However, the report did not provide further details on job growth in other sectors.

The labor force participation rate remained unchanged at 62.7 percent, and the employment-population ratio showed little variation at 60.2 percent. Both measures have shown minimal change over the past year.

The number of people working part-time for economic reasons, at 4.5 million, remained relatively stable in April. These individuals, who would have preferred full-time employment, were working part-time due to reduced hours or the inability to find full-time positions.

While the overall unemployment rate saw little change, there were some notable shifts among demographic groups. The unemployment rate for adult men increased to 3.6 percent, while the rate for Blacks decreased to 5.6 percent, offsetting an increase from the previous month. Jobless rates for adult women, teenagers, Whites, Asians, and Hispanics remained relatively unchanged.

The report also revealed that the number of long-term unemployed individuals, those jobless for 27 weeks or more, remained essentially unchanged at 1.3 million, accounting for 19.6 percent of all unemployed people.


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