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Labor Markets

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Nonfarm payroll employment added 43,000 jobs in April, the first net gain since August 2001. The monthly change for March was revised down from 58,000 to –21,000. Service-producing industries added 134,000 jobs in April, 87,000 of them in services. Help supply services, a component of business services, showed a net gain of 126,000 jobs over the last two months, after a net loss of 311,000 from April 2001 to February 2002. Goods-producing industries posted a net loss of 91,000 jobs in April, mostly in construction (–79,000). Employment in durable goods manufacturing was stable—a dramatic improvement from 2002:IQ, when the average net job loss was 57,000. According to the Bureau of Labor Statistics’ (BLS) household survey, the preliminary civilian unemployment rate for April was 6.0%, the highest recorded since August 1994. Employment increased 82,000, but the labor force grew 565,000, leading to the surge of 0.3 percentage points in the unemployment rate.

Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-05, pp. 12, 05.01.2002.

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