The U.S. unemployment rate fell to 3.6% in April, the lowest level since February 2020.The decline was driven by a surge in job growth, with employers adding 428,000 jobs in the month.
The U.S. unemployment rate fell to 3.6% in April, the lowest level since February 2020.The decline was driven by a surge in job growth, with employers adding 428,000 jobs in the month.
The unemployment rate for Hispanic or Latino Americans fell to 4.5%, the lowest level since December 2020.The labor force participation rate, which measures the share of the population that is either working or looking for work, rose to 62.3%.
The number of people employed part-time for economic reasons, which includes people who would prefer to work full-time but are unable to find full-time work, fell by 234,000 to 4.3 million.
Average hourly earnings for all employees on private nonfarm payrolls rose by 0.3% over the month and 5.5% over the year.
The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5 hours in April. The quits rate, which measures the share of the labor force that left their job voluntarily, was unchanged at 2.9% in April.
The layoffs and discharges rate, which measures the share of the labor force that was involuntarily separated from their job, was 1.2% in April, down from 1.3% in March.The number of job openings was little changed at 11.2 million in April.
The number of people on temporary layoff was 550,000 in April, down from 575,000 in March. The number of people collecting unemployment insurance benefits was 2.1 million in the week ending April 23, down from 2.2 million in the week ending April 16.