253K Jobs Added in April, Above Expectations But Revisions Cut Gains Earlier in the Year – By Tim Smart (US News) / May 5, 2023
The strong month comes after two prior months were revised downward.
Employers added 253,000 jobs in April, defying expectations amid a slowing economy. But the strong gains of March and February were revised down significantly, the Labor Department reported on Friday.
Economists had expected an increase of around 180,000 after March’s 236,000 gain – now revised to 165,000. February’s gain is now 248,000 instead of the 326,000 original estimate. Combined, the two months were revised down by 149,000 jobs.
Gains were strong in professional and business services (+43,000), health care (+40,000) and leisure and hospitality (+31,000).
The unemployment rate fell to 3.4% from 3.5% earlier while wages grew at a 4.4% annual clip, above estimates for a 4.2% increase.
