The U.S. economy added 175,000 jobs in April

Dan Li |
Chief Financial Officer | Snagajob + PhD in Economics | Northwestern University

The U.S. economy added 175,000 jobs in April, undershooting economists’ predictions of over 240,000, in the first sign that the job market’s post-pandemic hot streak may be starting to slow.

February’s job numbers were also revised down by 34,000 and March’s numbers were revised up by 12,000, making the total for the first quarter about 22,000 lower than previously estimated.

The largest gains were seen in the Healthcare, Social Assistance, and Transportation and Warehouse industries. Retail jobs also continued to trend upward, adding 20,000 jobs versus the 12-month average of 7,000.

The unemployment rate remained mostly steady at 3.9%, still in the range of 3.7-3.9% where it has been for the past 10 months. Wage growth slowed in April, still increasing by $0.7 but bringing the 12-month growth down to 3.9%.

On Snagajob, overall job postings are up 8% month over month and 35% year over year, with notable gains in the Retail (+55%), Customer Service (+20%), and Healthcare (+10%) industries.

Here’s your roundup of key insights from the report:

  • Wall Street Journal: "Friday’s report will keep hope alive for a late-summer interest-rate cut from the Federal Reserve, because it eases fears of an overheating economy."

  • New York Times: "The labor market has defied projections of a considerable slowdown for over a year in the face of a rapid escalation in borrowing costs, a minor banking crisis and two major wars."

  • Washington Post: "Wages have consistently beaten inflation since last May after years of falling behind, boosting American workers’ standard of living."

  • Financial Times: "Even with the labour market cooling, the Fed’s next steps will be driven more by inflation data, given concerns that it has not been coming down as rapidly as hoped by officials."

As the hourly expert, Snagajob is here to help with your hiring needs. Contact our team today to learn more about our solutions for enterprise, mid-size, and small businesses.

Hourly Jobs

All industry data is from 1/1/2023-4/30/2024

Here are the latest overall job numbers:

Overall hourly jobs are up 8% month over month and 35% year over year.

Here are the latest job numbers by industry and category:

Food & Restaurant jobs are down 4% month-over-month.

Hotel & Hospitality jobs are down 11% month-over-month.

Healthcare jobs are up 10% month-over-month.

Retail jobs are up 55% month-over-month.

Warehouse & Logistics jobs are down 12% month-over-month.

In Shifts by Snagajob, the number of Shifts completed is up 32% month-over-month, and fill rate is up 3% month-over-month and 9% year-over-year.