CFO Slice

U.S. employers added a stronger-than-expected 115,000 jobs in April despite economic disruption caused by the Iran war and surging energy prices, while the unemployment rate held steady at 4.3%. Healthcare led hiring gains with 37,000 new jobs, followed by retail with 22,000, while manufacturers cut 2,000 positions and have shed 66,000 jobs over the past year despite protectionist policies aimed at boosting factory employment. The labor market has so far remained resilient even as the conflict disrupted global oil supplies and pushed U.S. gasoline prices above $4.50 per gallon. Average hourly earnings rose 0.2% month over month and 3.6% year over year, remaining broadly consistent with the Federal Reserve’s inflation target. Economists said demographic shifts, including Baby Boomer retirements and tighter immigration policies, have reduced the number of jobs needed each month to maintain stable unemployment levels. Healthcare hiring has continued to dominate the labor market, adding 456,000 jobs over the past year, while most other sectors combined have reduced staffing. Although hiring slowed from March’s revised 185,000 gain, the report suggested the U.S. labor market remains relatively stable despite weaker global growth expectations and elevated energy costs tied to the Iran conflict.