The US labor market showed steady improvement in April. Employers added 115,000 new jobs last month. This massive number more than doubled early forecasts. Economists originally expected a gain of only 55,000 jobs.
March saw an upwardly revised increase of 185,000 jobs. The healthcare sector hired 37,000 new workers. The transportation and warehousing industries gained 30,000 jobs. The retail sector also added 22,000 workers to payrolls. Job openings held steady at nearly 6.9 million in March.
The federal government shed 9,000 jobs in April. Total federal employment dropped by 348,000 jobs since October 2024. Private companies are still hiring workers at a fast pace. The global oil market faces pressure from overseas conflicts.
A fight between the US and Iran started in late February. The price of a gallon of gas recently breached $4.50. High gas prices often slow down economic growth. Although the Middle East conflict raised fuel costs, the overall US economy remains very strong.
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