The April 2023 Jobs Report & March 2023 JOLTS: The Current U.S. Employment Situation

The economy added more jobs than expected over the past month as nonfarm payrolls increased by 253,000 jobs in April, according to the U.S. Department of Labor’s April 2023 jobs report. The unemployment rate fell slightly to 3.4% in April (the lowest figure since 1969), and the number of unemployed persons also saw a minor drop to 5.7 million people.

The March 2023 Job Openings and Labor Turnover Summary (JOLTS) released Tuesday showed that the number of job openings decreased again to 9.6 million at the end of the month (down 1.6 million since December 2022). The total number of separations rose to 5.9 million from 5.8 million, matching the January figure, while there were 6.1 million new hires in March. Voluntary quits dropped to 3.9 million (4 million in February). However, layoffs and discharges sharply increased, rising 300,000 to 1.8 million.

Other noteworthy statistics from the reports:

• The labor force participation rate held steady at 62.6% over the past month.
• The number of people not in the labor force who want a job increased by 346,000 to 5.3 million.
• Average hourly earnings for all private nonfarm payrolls rose by $.16 (0.5%) to $33.36, rising 4.4% over the past 12 months.
• The nonfarm payroll employment from February and March were revised down by 78,000 (from 326,000 to 248,000 jobs) and 71,000 (from 236,000 to 165,000 jobs), respectively.

 
Professional and business services led the way in job creation, increasing employment by 43,000 in April, well above its 25,000 average over the previous six months. Other industries adding jobs include health care (40,000), leisure and hospitality (31,000), social assistance (25,000), and financial activities (23,000).

There are still opportunities available for both job seekers and employers, and iHire is here to help you reach your goals.