April jobs report shows hiring, wage growth slow as unemployment unexpectedly jumps

The April jobs report revealed a significant cooling in the US labor market, with hiring and wage growth slowing unexpectedly. The economy added 175,000 new jobs, below the anticipated 240,000, and the unemployment rate increased to 3.9%. Average hourly earnings rose by only 0.2% from the previous month and 3.9% year-over-year, falling short of expectations.

Revisions to previous months' data showed mixed results, with February's job growth adjusted down and March's figures revised upwards. Notably, the average workweek decreased slightly. The report suggests a potential easing in Federal Reserve interest rate policies due to subdued wage growth, despite ongoing inflation concerns.