The April US Nonfarm Payroll Data Shows 253K New Jobs Added – Where Are They?

Key Takeaways:

• Almost 1 in 4 new jobs added in April 2023 were in health care and social assistance.
• Professional and business services saw the second-largest growth in April 2023 at 43,000.
• Some sectors saw job cuts. For example, transit, ground passenger services, and building construction saw job cuts.

WISCONSIN (CoinChapter.com) — The latest US jobs report has shown that the unemployment rate fell to 3.4% in April 2023 after 253,000 new jobs were added last month. 

Almost 1 in 4 of the new jobs added in April 2023 were in health care and social assistance, which added about 64,200 jobs in the month. The US Bureau of Labor Statistics (BLS) predicts that healthcare occupations will grow by 14% from 2022 to 2032, much faster than the average for all occupations.

Of those new jobs, 24,000 were in ambulatory services alone. This sector includes outpatient care centers, medical and diagnostic laboratories, and home healthcare services. Nursing and residential care facility payrolls rose by 9,000, while hospital payrolls increased by 7,000 from the prior month.

Professional and Business Services

Professional and business services saw the second-largest growth in April 2023 at 43,000. 

This sector includes various industries, such as accounting, legal services, consulting, and computer systems design. The BLS predicts that employment in professional and business services will grow by 10% from 2022 to 2032, adding around 1.2 million new jobs.

Transportation and Construction

While many industries experienced growth in April 2023, some sectors saw job cuts. For example, transit and ground passenger services laid off 8,100 workers, likely due to reduced demand for travel during the pandemic. This sector includes industries such as buses, taxis, and ride-hailing services.

Building construction saw 3,600 workers laid off in April 2023. This could be due to a slowdown in construction activity resulting from rising material costs and supply chain disruptions. 

However, the BLS predicts that overall employment in construction will grow by 5% from 2022 to 2032, adding around 300,000 new jobs. While some sectors, such as transportation and construction, are experiencing job cuts, the overall outlook for the job market is positive.