April 2024 Jobs Report: Solid and Slowing Down 

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Key points

The labor market downshifted in April with employers adding 175,000 jobs; a notable slowdown from the pace in the first few months of the year. The unemployment rate ticked up to 3.9% — a sign that perhaps job gains need to be faster to keep joblessness steady. The continued slowdown in wage growth is the clearest sign the labor market is not reheating, with April’s year-over-year gain the slowest since May 2021.

The labor market is not accelerating. The April jobs report represents a notable downshift from prior months, with merely good, not great, job gains.

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