The April 2024 Jobs Report & March 2024 JOLTS: The Current U.S. Employment Situation

April 2024’s U.S. job numbers from the BLS showed total nonfarm payroll employment increasing by 175,000 – with notable gains in health care, social assistance, transportation and warehousing, and retail – though far below the Dow Jones estimate of 240,000. The unemployment rate inched up to 3.9% and the number of unemployed people also increased slightly to 6.5 million.

The BLS’s Job Openings and Labor Turnover Summary reported 8.5 million job openings on the last business day in March. This metric fell short of market expectations of 8.7 million, and is also the lowest number of job openings reported in the previous three years. Hires changed little at 5.5 million while total separations decreased to 5.2 million.

Here are additional takeaways from the latest JOLTS and Employment Situation Summary reports:

• Job openings decreased in construction by 182,000 and in finance and insurance by 158,000; job openings increased in state and local government education by 68,000.
• The number and rate of layoffs and discharges changed little in March at 1.5 million and 1%, respectively.
• The unemployment rate for Blacks, which increased to 6.4% in March, decreased to 5.6% in April.
• Average hourly earnings for all employees on private nonfarm payrolls increased by 0.2% to $34.75.

What industries are hiring now? As mentioned above, health care and social assistance continued its trend of significant month-over-month growth, while construction, government, and leisure and hospitality slowed down compared to March but still showed gains.

The latest U.S. jobs data shows a cooling labor market, which may be good news for interest rate cuts this year. With most sectors holding steady, iHire’s industry-focused hiring and job search solutions can help you reach your goals regardless of market conditions. Find your next great opportunity or post your job today to get started!