The U.S. labor market delivered a second consecutive month of solid gains, adding 115,000 nonfarm payrolls in April. That nearly doubled the consensus estimate of 62,000. The unemployment rate held steady at 4.3 percent.
The private sector led the charge with 123,000 new positions, even as federal employment declined. Healthcare added 37,300 jobs. Transportation and warehousing contributed 30,000. Retail trade rounded out the top three with 21,800.
The year-to-date average now stands at 76,000 jobs per month, a significant rebound from the anemic 10,000 average throughout 2025.
However, wage growth continues to lag inflation. Average hourly earnings rose 3.6 percent year-over-year, while expected inflation is around 4 percent. Additionally, involuntary part-time work is rising, signaling potential weakness beneath the headline unemployment figure.
The stronger-than-expected data keeps the Federal Reserve on hold, neither forcing aggressive tightening nor signaling a collapsing economy. Equity markets remain in a constructive, risk-on mood.