June 18, 2024 1:53 pm
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National News

U.S. labor market continues to show signs of strength

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The United States’ labor market continued to show signs of strength and stability in April 2024, according to the latest report from the Bureau of Labor Statistics. As of April 2024, the unemployment rate reached 3.9 percent, up 0.1 percent from March 2024. Since August 2023, the unemployment rate has stayed between 3.7 percent and 3.9 percent.

In April 2024, total nonfarm employment increased  by 175,000 jobs. The healthcare sector added 56,000 jobs; employment in social assistance increased by 31,000 jobs; and transportation and warehousing added 22,000 jobs. The retail sector has also seen some growth, adding 23,000 jobs while the construction industry added 9,000 jobs. 

Wages have also increased since last month. From March 2024 to April 2024, the average hourly earnings for all employees on nonfarm payrolls increased by 0.2 percent. Average hourly earnings have increased by 3.9 percent over the last 12 months.The full BLS report can be found here.