Employment growth in April was solid, with the U.S economy adding 223,000 new jobs during the month.
The unemployment rate also fell to 5.4%, but this came after job growth in March was revised down to 85,000, the worst month for the labor market since June 2012.
The upshot is that the jobs report was strong enough to calm fears of a coming recession, without it being too strong to suggest the Fed will raise rates sooner than September.
April’s jobs report showed a surge in construction employment. The construction sector added 45,000 jobs in April, good for 20% of the total job increases for the month. That’s a 4.6% increase from last year, which is in line with the recent, accelerating trend:
Job openings in construction are rising at an even faster pace. The latest JOLTS survey (which lags the employment situation report data by a couple months) showed…
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