'Really impressive' jobs report, says economist as manufacturing, restaurants fuel growth in April

Record ID: 1671600

  • Title: 'Really impressive' jobs report, says economist as manufacturing, restaurants fuel growth in April
  • Date: 6th May 2022
  • Summary: WASHINGTON, D.C., UNITED STATES (MAY 6, 2022) (REUTERS) (SOUNDBITE) (English) MORNING CONSULT, CHIEF ECONOMIST, JOHN LEER, SAYING: "The jobs report this morning is really positive, really impressive. We had 428,000 net new jobs created in April. It's a sign that we continue to have a pretty robust demand for workers. We continue to average over half a million jobs created per month for the past year. So, that's all really, really encouraging. I would say maybe on the downside is that, you know, today's jobs numbers don't reflect a lot of the uncertainty going forward. So the Federal Reserve continues to raise interest rates. The impact of those rising rates has yet to be reflected in today's jobs report. And on top of that, just going forward by the very nature of what it means to, you know, have a recovery, jobs growth generally slows down after this sort of rapid, rapid rate of recovery. So, I would expect going forward to see that number come down."
  • Embargoed: 20th May 2022 15:42
  • Keywords: U.S. job growth employment hiring leisure and hospitality industry manufacturing wage pressures
  • Location: VARIOUS
  • City: VARIOUS
  • Country: USA
  • Topics: Economic Events,United States
  • Reuters ID: LVA002626806052022RP1
  • Aspect Ratio: 16:9
  • Story Text: U.S. job growth increased more than expected in April amid strong hiring in manufacturing as well as the leisure and hospitality industry, underscoring the economy's strong fundamentals despite a drop in output in the first quarter.
    Though the Labor Department's closely watched employment report on Friday (May 6) showed a moderation in wage gains last month, wage pressures are likely to continue to build amid record job openings.
    About 363,000 people left the labor force in April.
    The economy contracted last quarter under the weight of a record trade deficit.
    The Federal Reserve is trying to tighten monetary policy to bring down inflation without tipping the economy into recession.
    The survey of establishments showed nonfarm payrolls rose by 428,000 jobs last month.
    Data for March was revised slightly lower to show 428,000 jobs added instead of 431,000 as previously reported.
    Economists polled by Reuters had forecast payrolls would rise by 391,000 jobs.
    Estimates ranged from a low of 188,000 to a high of 517,000.
    Employment is now 1.2 million jobs below its pre-pandemic level.
    It was the 12th straight month of employment gains in excess of 400,000.
    The broad increase in hiring last month was led by the leisure and hospitality sector, which added 78,000 jobs. Restaurants and bars contributed 44,000 jobs to those gains.
    Manufacturing payrolls rose by 55,000 jobs.
    Transportation and warehousing employment increased by 52,000 jobs, pushing it 674,000 above its February 2020 level.
    Employment in the professional and business services also rose and is now 738,000 above its pre-pandemic level.
    (Production: Aleksandra Michalska)
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