US Jobs Report Beats Expectations with 115,000 April Payroll Gains
The U.S. added 115,000 nonfarm payroll jobs in April, significantly exceeding economists' forecasts of 65,000, while average hourly earnings rose 3.6% year-over-year and unemployment remained at 4.3%. This stronger-than-expected jobs data comes amid mixed signals about the broader labor market health.
Strong April Jobs Growth Defies Slowdown Expectations
The US economy grew by 115,000 non-farm payroll jobs in April, according to the US Bureau of Labor Statistics (BLS), well above economists' forecasts of 65,000. Additionally, average hourly earnings rose by 3.6% year-over-year while the unemployment rate held at 4.3%.
Context on Labor Market Stability
Job openings increased to an average 7.1 million per month in the first two months of 2026, and the ratio of job openings edged up slightly to an average 0.95 per month. The layoffs rate remains stable and low, initial unemployment claims remain exceptionally low by historical standards, and the hires rate has remained remarkably stable for over two years.
Wage Growth and Real Income
Average hourly earnings (AHE) for all employees were up 3.5% over the year ending in March 2026, continuing the easing trend that started in 2Q25. Worker wages continue to outpace inflation, even despite elevated price levels associated with the Iranian conflict.