The US job market continues to run. In April, the Stars and Stripes locomotive created 428,000 new seats.
The figure is in line with that of March (revised from +431,000) and higher than the estimates of analysts who expected 391,000 more employees.
The unemployment rate remained stable at 3.6%, against the 3.5% expected by the market. The unemployment figure remains the best since the beginning of the pandemic, with the US economy able to recover more than 90% of the 22 million jobs lost at the peak of the crisis caused by Covid, in the spring of 2020.
The participation rate, which fell marginally to 62.2% from 62.4% in April, is now close to pre-pandemic levels.
In detail, last month, the private sector added 406,000 seats, compared with the expected 385,000 and 424,000 the month before.
Another 22,000 came from the public sector, compared to just 4,000 more in March.
In the manufacturing sector there are 55,000 new employees, compared to the estimated 35,000 and 43,000 in March.
Meanwhile, wages continue to grow, albeit at a slightly slower pace. On a monthly basis, the increase in the average hourly wage stood at 0.3%, against the expected + 0.4% and + 0.5% in March.
On an annual basis, the increase was equal to 5.5%, in line with expectations and slightly slower than the + 5.6% of the previous month.
According to many analysts, however, the peak of the recovery in the labor market is approaching, with the run-up that risks paying for the growth in production prices and labor costs.
For Goldman Sachs chief economist Jan Hatzius, the increase in employment is expected to gradually decelerate to 200,000 in the coming months.
The fact remains that it continues to be difficult for many companies to find manpower to hire.
Job vacancies hit a new high in March, and there are now 1.9 vacancies for every unemployed worker in the US.