Below, EPI senior economist Elise Gould offers her insights on the jobs report released this morning. Read the full thread here. 

Key positive indicators from today’s jobs report:
-175k jobs added in April, slowing as we approach full employment, but still above breakeven level
-Black unemployment dropped back down after spiking last month, seemed it was a blip
-nominal wage growth continues to decelerate pic.twitter.com/ur2I3YBYPt

— Elise Gould (@eliselgould) May 3, 2024

The big news in job growth by sector is the increase in health care and social assistance, adding 87,000 jobs in April, 56,000 in health care alone. Notable employment gains also reported in transportation and warehousing as well as retail services. pic.twitter.com/dfDboQMVbA

— Elise Gould (@eliselgould) May 3, 2024

Public sector employment was a bit disappointing in April, increasing only 8,000 overall. Over the last 12 months, govt job growth was much healthier, adding an average of 55k per month. In April, state and local employment rose 6k, and is now 1.3% above its pre-pandemic level. pic.twitter.com/Z2xdVuIiEr

— Elise Gould (@eliselgould) May 3, 2024

One key indicator to watch in coming months is the recent faster slowdown in wage growth for production/non supervisory workers. These workers experienced faster wage growth earlier in the recovery, but in the last few months, their wage growth has slowed faster than others. pic.twitter.com/xY0UTVhAUm

— Elise Gould (@eliselgould) May 3, 2024

The household survey mostly agrees with the labor market strength in the establishment survey. There was a small increase in the unemployment rate as labor force participation held steady. Black unemployment dropped back down to 5.6%, a positive move after the spike last month. pic.twitter.com/YrLReFVE7h

— Elise Gould (@eliselgould) May 3, 2024