U.S. payrolls increased 115,000 in April, more than expected; unemployment at 4.3%

Nonfarm payrolls rose by a seasonally adjusted115,000 for the month, down from the 185,000 created in an unusually strong March but better than the 55,000 forecast in the Dow Jones consensus estimate.

The unemployment rate held at 4.3%, further proof that the labor market has reached a point where only modest job creation is needed to keep the jobless level steady, given little growth in the labor force.

Average hourly earnings, another closely watched metric of labor market health, came in lower than expected, increasing 0.2% for the month and 3.6% on an annual basis, compared to respective estimates for 0.3% and 3.8%.

Following recent trends, health care led with 37,000 new positions, though multiple other sectors also saw gains.

Transportation and warehousing added 30,000, retail grew by 22,000 and social assistance saw a gain of 17,000.

On the downside, information services lost 13,000, part of a continuing trend that has seen the sector down 342,000 jobs since November 2022 as artificial intelligence has hit the sector, according to the BLS. That has equated to a loss of 11% of jobs during the period.

A broader measure that includes discouraged workers and those holding part-time jobs for economic reasons rose to 8.2%, up 0.2 percentage point.

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