Job Growth Rebounds in April After Soft March Numbers

April non-farm payrolls and unemployment numbers offer encouragement that the labor market is regaining momentum after a weak show in March. The job market added 223,000 jobs in April, matching its 2014 trend and outpacing average growth in 2015 Q1. Further, the unemployment rate fell to 5.4%, its lowest level post-recession.  Hourly earnings increased at an annual rate 2.2%, in line with its trend over the past two years. These numbers suggest that the March data may have been anomalous, influenced by a West Coast port strike and severe weather. 

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