The United States continues to have a strong labor market. In April, total nonfarm payroll employment increased by 253,000 jobs, according to the Bureau of Labor Statistics, and the unemployment rate was 3.4 percent.
The prime-age employment-to-population ratio, which measures the share of workers 25–54 with a job, rose to 80.8 percent, its highest level since 2001 and indicating a tight labor market.
There are signs that job growth is weakening. Notably, the job gains in February and March were revised downward to 248,000 and 165,000, respectively. With revisions, employment was lower than previously reported by 149,000 jobs.
The continued strength of the labor market has been a key factor in the Federal Reserve’s ongoing rate increases. Earlier this week, the