Economists predict growth in nonfarm payrolls and a stable unemployment rate in April's job market report. This resilience could hinder interest rate reductions by the Federal Reserve due to the ongoing inflation issue. Experts expect strong hiring in healthcare and hospitality, but other sectors could see gains in the coming months. Wage growth is also expected to remain steady, potentially easing concerns about inflation. However, economists are cautious, as the labor market has surprised them before.
Private sector hiring slowed slightly in February, adding 140,000 jobs, below expectations but still robust. Leisure and hospitality led growth, followed by construction and trade sectors. ADP's report indicates a strong but cooling job market ahead of the Labor Department's nonfarm payrolls data, which is forecast to show stronger job gains.
