Here are five takeaways from the jobs report.
A hiring sign is displayed in Wheeling, Ill., Thursday, May 5, 2022. Americas employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs. On the one hand, the proportion of people either working or looking for work slipped in April after a string of increases. Having fewer people in the workforce means employers need to raise pay to try to.
Higher wages are of course good for workers. But if they rise too fast, without an increase in worker productivity, it tends to accelerate inflation. Slower wage growth, on the other hand, can be more sustainable because it helps hold down inflation and allows the Fed to implement fewer rate hikes.In Friday's jobs report were other signs, aside from wages, that job growth might be slowing a bit after a year of robust gains.
Finally, the government revised down its estimate of job gains for February and March by a combined 39,000. That's a relatively small number that doesn't really change the overall picture. But revisions can signal which direction the economy is headed, and nearly all the revisions in previous months had been positive.A slowdown is somewhat inevitable given the pace of rapid hiring and the limited supply of workers and may simply signal a shift to smaller, but more sustainable, gains.
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