Job additions in April were lackluster at 175,000, many of them in the health care sector. (iStock)
The U.S. added 175,000 jobs in April, according to the Bureau of Labor Statistics. employment status report. This is a small increase compared to the average monthly increase of 242,000 over the past 12 months.
The unemployment rate in April was 3.9%, slightly up from 3.8% in March, bringing the total number of unemployed people to 6.5 million. The number of people certified as long-term unemployed (people who have not worked for 27 weeks or more) remains at 1.3 million, almost unchanged from last month.
Among the industries facing job losses, the mining, quarrying, and oil and gas extraction sectors were particularly hard hit, with employment numbers falling by 3.5%.
Employment in computer and electronic product manufacturing also fell by 1%. Employment in other manufacturing industries, namely electrical equipment, home appliances and parts manufacturing, decreased by 1.2%.
The health care industry added the most jobs in April, with 56,000. The industry has steadily added 63,000 jobs each month over the last year.
Social assistance employment also increased by 31,000 in April. The social assistance sector added 23,000 jobs, led by family services jobs. This was closely followed by transportation and warehousing, which added a total of 22,000 jobs.
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The number of workers relying on side jobs is increasing
Consumers are becoming more cautious with their spending
U.S. consumers don’t have as much money to spend as freely as they did a few months ago, choosing to stick with small purchases. Additionally, people with low credit scores refrain from spending unless necessary. City reported At the annual general meeting.
Citi says high credit card balances make extra spending difficult for many people. At the end of last year, Americans had $1.13 trillion in credit card balances, an increase of $50 billion, or 4.6%.
nevertheless Credit card delinquency rate fell in March, which shows that some borrowers are recovering, but remains notoriously high. The average delinquency rate fell from 3.09% in February to 2.92% in March. This rate is up 2.49% from a year ago and remains higher than the pre-pandemic rate.
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With the increasing cost of living, many personal loan borrowers rely on loans for daily living expenses
Interest rates remain high
Despite predictions that interest rates will fall by now, the Federal Reserve has not yet cut rates. FRB I think this is due to inflationwhich is still higher than they want.
Mortgage rates continue to be some of the highest that consumers are exposed to. Mortgage rates are separate from the Fed’s interest rates, but they are often closely linked. Mortgage rates are unlikely to be lowered any time soon until the Fed lowers them.
“If the Fed doesn’t cut interest rates this year, the housing market will probably stay where it is. Resellers will stall, and builders will be able to buy at lower rates, allowing new builders to stay afloat,” said Devin Bachman. said the executive director. John Burns Research & Consulting; Said.
Mortgage rates are currently hovering above 7% for 30-year fixed rate loans.Fee Not the best everBut it’s much higher than the significant drop seen during the pandemic.
“The housing market has always been sensitive to interest rates. When interest rates rise, activity tends to slow,” said Daniel Hale, chief economist at Realtor.com. Said.
Mr Hale said: “The housing market is now even more volatile as many people are locked into low mortgage rates and first-time buyers are being severely constrained by soaring prices and high borrowing costs. “I’m becoming more sensitive,” he said.
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Millions of people are moving from certain areas of the country that are currently designated as “climate abandonment areas.”
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