April Jobs Report Shows Resilience: 115,000 Jobs Added Despite Energy Shock
The U.S. labor market added 115,000 jobs in April, beating expectations and signaling continued economic strength even as inflation pressures mount from rising oil prices tied to the Iran conflict.
Strong Job Creation Surprises Analysts
Employers added 115,000 jobs in April, topping forecasts of 65,000 payroll gains. The Labor Department reported Friday that unemployment held steady in April and that the U.S. added 115,000 jobs, surpassing expectations.
Labor Market Remains Resilient
Job creation was double what was expected, showing very strong demand for labor, with the labor market remaining resilient even as multiple headwinds have been thrown at the economy. Continuing claims dropped to 1.766 million, the lowest in over two years.
Wage Growth and Income Inequality Concerns
Average weekly earnings were lower than expected, speaking to a bigger reality that the share of labor in national income continues to go down and is at record low levels. Corporate earnings have held up, though CEOs are warning of what's ahead and are very worried about household budgets.