fueling visions of multiple rate cutsin April, the Labor Department said Friday. This was far less than the upwardly revised 315,000 in March and below the 240,000 or so economists had forecast.
The cliche is that “bad news is good news.” And some social media users were complaining on Friday thatBut that’s not what happened in April. Layoffs were very low; and while the payroll growth was weaker than expected, it was not bad or weak. If payroll growth had not been so strong recently, 175,000 would look like a very respectable number.
. Unrounded, the March unemployment rate was 3.82917 percent, which rounds down to 3.8. The April was 3.86469, which rounds up to 3.9 percent. So, the rise in the unemployment was only a tiny fraction, 0.03552 of an actual percentage point. The private sector added a healthy 167,000 jobs, while government payrolls expanded by just 8,000. Federal government payrolls rose by 2,000, in line with recent growth, but local and state government rose by just 6,000. Combined, this was the lowest level of government hiring since December 2022 and a sharp downturn from the 72,000 recorded a month earlier. Thiswas one of the reasons that the total number came out lower than expected.
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