US hiring slowed in Aprill, and Non-Farm payrolls rose by 175k in April, below the 240k expected, and well below the monthly average of the past year of 242k. The slowdown was evident in both the establishment and household survey, as the unemployment rate also ticked up to 3.9%, and the annual rate of average hourly wage growth also retreated to 3.9% from 4.1%. This is the first time that wage growth has had a 3% handle since mid-2021.
Slow government hiring weighs on NFPs
The details of the payrolls report were worth watching. Healthcare and social care saw jobs gains at around the average monthly pace of the past 12 months. However, transport and warehousing saw job growth accelerate above the long-term trend in April.
The sectors weighing on jobs growth included government hiring, which slowed to 8k last month, well below the average of 55k of the past 12 months. Construction employment was mostly flat. There…
