Another strong jobs report as the Biden boom continues. Biden's record job creation is now at over 8 million jobs since he took office with the lowest unemployment rate since 1969.
April jobs report: Payrolls rise by 428,000 as unemployment rate holds at 3.6%U.S. job growth remained robust in April as the unemployment rate held near its pre-virus low, further underscoring the still-tight domestic labor market.
The Labor Department released its monthly jobs report for April Friday morning at 8:30 a.m. ET. Here were the main metrics from the print, compared with consensus data compiled by Bloomberg
Non-farm payrolls: +428,000 vs. +380,000 expected and a revised +428,000 in March
Unemployment rate: 3.6% vs. 3.5% expected, 3.6% in March
Average hourly earnings, month-over-month: 0.3% vs. 0.4% expected and a revised 0.4% in March
Average hourly earnings, year-over-year: 5.5% vs. 5.5% expected, 5.6% in March
The U.S. economy has brought back payrolls each month so far in 2022, and April's payrolls gains still represented growth well-above pre-pandemic trends. Throughout 2019, payroll growth had averaged about 164,000 per month. And though payroll gains were also slightly downwardly revised for February and March, these increases were still solid on a historical basis. In February, employment grew by 714,000, versus the 750,000 previously reported, while March employment was upwardly revised by 3,000 to reach 428,000.
Services-based employers have brought back some of the most jobs yet again in April, as companies hastened to hire back workers let go during the pandemic to meet renewed consumer demand. Employment in the leisure and hospitality industry increased by 78,000 in April, slowing just slightly from March's 100,000. Education and health services employers brought back slightly more jobs in April compared to March at 59,000. Transportation and warehousing payroll gains increased much more markedly in April compared to March, rising by 52,000 compared to 9,500 during the prior month.
In the goods-producing sector, payroll growth was little changed month-on-month, with jobs growing by 66,000 in April. This was in turn led by hiring in manufacturing, where payrolls grew 55,000.
Meanwhile, the unemployment rate held steady in April at 3.6%, or just a hair above February 2020's level of 3.5% from before the pandemic. That, in turn, had been the lowest level for joblessness since 1969.
Wages also climbed yet again, albeit at a slower monthly and annual pace compared to March. On a month-over-month basis, average hourly earnings increased by 0.3%, slowing from March's upwardly revised 0.5% increase. And on a year-over-year basis, average hourly earnings were up 5.5%.
https://finance.yahoo.com/news/april-2022-jobs-report-labor-department-unemployment-usa-184903769.htmlBiden heads to Ohio to tout industrial renewal planUS President Joe Biden will travel to political battleground state Ohio on Friday to announce the launch of a new industrial renewal plan that his administration hopes will revive the country's manufacturing sector.
The initiative, dubbed "AM Forward" (Additive Manufacturing Forward), is aimed at increasing the use of 3D printing and other next-generation production technologies among US companies, a White House statement said.
Several top US firms, including GE Aviation, Honeywell, Lockheed Martin, Raytheon and Siemens Energy, have committed to a voluntary pact to support US-based suppliers in adopting new parts manufacturing technologies, the statement said.
Small and medium enterprises that choose to take up the initiative will be able to avail the support of federal programs to boost their competitiveness in the sector, the administration promised.
Biden will announce the plan in the US midwestern state of Ohio -- a political battleground that has often been a bellwether in US presidential polls -- ahead of a general election in November.
The president's Democratic Party will be seeking to build on its majority in the US Congress at the polls.
The election for Ohio's next senator, a position previously held by a Republican considered moderate, is one that will be closely watched.
It will pit Democrat Tim Ryan against far right Republican J.D. Vance, a 37-year-old former marine and author known for his bestselling memoir "Hillbilly Elegy."
He graduated from the Ivy League Yale Law School and was previously opposed to Trump -- famously dubbing him "America's Hitler" -- but later became an ardent supporter.
AFPPresident Joe Biden will visit United Performance Metals in Butler County during Cincinnati visitPresident Joe Biden will visit a metal manufacturer in Hamilton, Ohio, and talk 3D printing on Friday afternoon.
While in the Cincinnati region, Biden will push Congress to pass a bill designed to boost manufacturing in the United States, particularly products hampered by overseas supply chain issues. That’s according to a release from the White House.
Biden will speak at United Performance Metals in Hamilton. The company is a global distributor of high-performance metals serving industries including aerospace, semiconductor, power generation, oil and gas and others.
Air Force One is expected to fly into the Greater Cincinnati Northern Kentucky International Airport at 1 p.m.
Biden will tout the "Bipartisan Innovation Act" that would provide money for making semiconductors and other technology that have suffered from delays in the supply chain. The semiconductor chip shortage has slowed auto manufacturing.
This will be Biden's second trip to Cincinnati as president and first since he held a town hall at Mount St. Joseph University in July 2021. It's his fifth trip to Ohio. He came to Lorain in Northeast Ohio in February to talk about his infrastructure law and how it would pay for $1 billion to clean up the Great Lakes.
https://www.cincinnati.com/story/news/2022/05/05/president-joe-biden-visit-united-performance-metals-hamilton-during-cincinnati-visit/9656004002/