The “Morning with Maria” panel reacts to the March jobs report, Fed rate cut expectations, inflation, AI stocks, and Biden’s 2025 budget proposal.
Employment growth slowed in April as many industries, including manufacturing, leisure and services, refrained from hiring.
Employer added 175,000 jobs in AprilThe Labor Department said it was missing in its monthly payroll report released Friday. LSEG economists had expected an increase of 243,000 people. It was the worst month for job creation since October. Meanwhile, the unemployment rate gradually rose to 3.9%.
“From a sector perspective, health care and construction continue to be the standout performers in job growth, but other private services (excluding supply chain services) are growing,” said Rick Rieder, head of BlackRock. “The market has leveled off after a slight decline towards the end of 2023.” Head of Global Fixed Income Investments.
US economy adds 175,000 jobs in April, much weaker than expected
“We’re Hiring” sign at the NC Works Career Center on March 7, 2024 in Wilmington, North Carolina. (Photographer: Alison Joyce/Bloomberg via Getty Images/Getty Images)
The health care sector had the largest increase in payrolls in April, adding 56,200 jobs last month. Employment continues to trend upward in physician practices (5,600), home health services (13,900), hospitals (13,500), and nursing/residential care facilities (9,300).
There was also strong growth in the social assistance sector last month, with employment increasing by 30,800 people. The majority of those jobs were within personal and family services (22,500 jobs).
The third largest contributor to major job gains last month was in the transportation and warehousing sector. The industry hired 21,800 employees in April. Most of the increase occurred in the warehousing and warehousing and courier and messenger sectors, both of which saw an increase of 7,600 employees.
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Other industries also saw notable increases, including retail trade (20,100 jobs) and wholesale trade (10,100 jobs).
However, employment in April turned out to be weak across these economic sectors.
The construction sector hired 9,000 workers in April, while salaries increased by 8,000 in the manufacturing and government sectors.
“We’re Hiring” sign at the NC Works Career Center on March 7, 2024 in Wilmington, North Carolina. (Photographer: Alison Joyce/Bloomberg via Getty Images/Getty Images)
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Employment fell in some sectors of the economy last month. Employment in mining and logging fell by 3,000 jobs, and professional and business services lost 4,000 jobs. The biggest losses occurred in the information sector, with 8,000 jobs lost.
