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April jobs report preview: Wages, job gains set to slow while unemployment holds steady
Yahoo Finance
April jobs report preview: Wages, job gains set to slow while unemployment holds steady
Myles Udland • Head of News
Thu, May 2, 2024, 2:10 PM EDT • 3 min read
The April jobs report is expected to show the US labor market grew at a steady but decelerating rate last month, providing little reason for investors to change their view on the Federal Reserve's next move.
On Friday, the Bureau of Labor Statistics will publish the April jobs report at 8:30 a.m. ET, with nonfarm payroll growth set to come in at 241,000, down from March's gain of 303,000. ... This level of job growth is still more than double what economists estimate is required for the US economy to sustain its current level of unemployment. The unemployment rate in April is expected to remain steady at 3.8%.
Average hourly earnings, closely watched by the Fed for signs of rising inflation pressures, are set to rise 0.3% over the prior month, matching March's increase and 4% over last year, a slowdown from the 4.1% annual gain seen in March. ... Earlier this week, data from the BLS suggested wage pressures building after the Employment Cost Index (ECI) accelerated in the first quarter of 2024 to reach its highest level in a year.
In a press conference on Wednesday, Fed Chair Jerome Powell downplayed the idea that wage pressures today are creating a meaningful inflationary impulse, noting "essentially all wage measures have come down substantially" from peaks reached after the pandemic.
{snip}
April jobs report preview: Wages, job gains set to slow while unemployment holds steady
Myles Udland • Head of News
Thu, May 2, 2024, 2:10 PM EDT • 3 min read
The April jobs report is expected to show the US labor market grew at a steady but decelerating rate last month, providing little reason for investors to change their view on the Federal Reserve's next move.
On Friday, the Bureau of Labor Statistics will publish the April jobs report at 8:30 a.m. ET, with nonfarm payroll growth set to come in at 241,000, down from March's gain of 303,000. ... This level of job growth is still more than double what economists estimate is required for the US economy to sustain its current level of unemployment. The unemployment rate in April is expected to remain steady at 3.8%.
Average hourly earnings, closely watched by the Fed for signs of rising inflation pressures, are set to rise 0.3% over the prior month, matching March's increase and 4% over last year, a slowdown from the 4.1% annual gain seen in March. ... Earlier this week, data from the BLS suggested wage pressures building after the Employment Cost Index (ECI) accelerated in the first quarter of 2024 to reach its highest level in a year.
In a press conference on Wednesday, Fed Chair Jerome Powell downplayed the idea that wage pressures today are creating a meaningful inflationary impulse, noting "essentially all wage measures have come down substantially" from peaks reached after the pandemic.
{snip}