May Jobs Report: Job Gains are Back, But Wages Aren’t Keeping Up
The May Employment Report confirms that the labor market is gaining traction. The economy added 172,000 jobs in May, unemployment held steady, and underemployment ticked down as more workers found the roles and hours they were looking for. Labor force participation remains low but stable. Taken together, the data suggest that energy is returning to a labor market that had been largely stagnant just in time for summer.
April Jobs Report: The Labor Market is Finding a New Normal
The April Employment Report shows a stabilizing trend, with 115,000 jobs added and unemployment holding at 4.3%. Declining labor force participation means fewer jobs are needed to maintain that rate. Excluding February's weather- and strike-related blip, the first four months of 2026 suggest the mid six figures may be the labor market's new normal.
March Jobs Report: Back on Track, But With Caution
The March Employment Report reversed course from the February dip, and posted a large gain: an increase of 178,000 jobs in March blew past expectations to the highest gain since December 2024. Unemployment ticked back down to 4.3% as labor force participation fell to 61.9%. While the headline numbers are stronger than expected, a peak under the hood presents a shrinking labor force and continued challenges for those looking for work.
January Jobs Report: Early Signs of Potential Stabilization Emerge
The January Employment Report data presents a nuanced picture of an economy potentially finding its footing after a sluggish year. While the addition of 130,000 jobs is modest by historical standards, it represents the strongest monthly gain since late 2024. Importantly, new annual revisions provided a clearer picture of the 2025 landscape, with last year’s total gains recalibrated from 584,000 to 181,000. With the unemployment rate ticking down to 4.3% and a slight rise in December hires, the significant slowdown of 2025 may be showing early signs of giving way to a renewed warming of hiring activity.
December Jobs Report: Healthcare Masks a Flatlining Labor Market
The December Employment Report caps off a historically weak year for the labor market, with the economy adding a meager 50,000 jobs, barely enough to keep pace with population growth. With only 584,000 net jobs added across all of 2025, the labor market has deteriorated dramatically from 2024's 2.0 million job gain, representing a 71% year-over-year decline in job creation.
February Jobs Report: Solid, but Showing Signs of Softening
The February jobs report was a bit of a snoozer—solid, but not much drama.
January Jobs Report: A Tighter Labor Market, but Growth Remains Uneven
The U.S. labor market tightened unexpectedly in January, defying expectations of stabilization. Employers added 143,000 jobs, enough to push the unemployment rate down to 4.0%, even as labor force participation edged up.
Jobs Report: The Labor Market Closed Out 2024 Better than Expected
The U.S. labor market ended 2024 with a surprising burst of strength, capping a sluggish two-year stretch with its best performance since the first quarter.
The December Jobs Report: Payroll Gains Aren’t What They Seem
Don’t be misled by the seemingly solid payroll gain of 227,000. Today’s Jobs Report offers little evidence of a labor market rebound.
Weak Jobs Report Reflects Storms, Strikes, and the Ongoing Labor Market Slowdown
Today’s weaker-than-expected jobs report not only reflected the effects of storms and strikes, but also of the continued labor market cooldown which has taken place since the Fed began raising interest rates more than two years ago.
August Jobs Report Leaves the Overall Picture Little Changed
The U.S. economy added 142K jobs in August, but totals for the prior two months were revised downwards by a combined 86K, leaving the overall picture much the same. The labor market has slowed and slackened over the past three months, with job growth in the private sector outside of healthcare and social assistance falling to an unusually slow pace.
Jobs Report: The Labor Market Has Deteriorated
There are two main takeaways from today’s Jobs Report. The first is that labor markets in the private sector excluding healthcare and social assistance have deteriorated rapidly and are now anemic. The second is that American households are feeling the effects.
The Jobs Report Signals a Labor Market Deceleration
There are two main takeaways from today’s Jobs Report. The first is that the labor market has cooled off significantly. The second is that leading indicators in the report and from other sources signal further cooling ahead.
A Strong Jobs Report Complicates the Fed’s Job
May’s Jobs Report came in hotter than expected, with the economy adding 272K payrolls across a broad range of industries.
No Stag or Flation in Today’s Jobs Report
After what looked like a reacceleration in the first quarter, today’s Jobs Report shows the labor market returning to its prior trend of gradually normalizing job growth and wage growth.
Today’s Jobs Report and the Promise of Noninflationary Growth
As predicted by recent uptick in online job postings, today’s jobs report is strong across the board, with 303K jobs added in March, and the prior two months’ figures revised upwards by a combined 22K.
A Cooler Jobs Report Points to a Slackening Labor Market
Exactly as we predicted, the February Jobs Report reversed earlier indications of an accelerating labor market and instead showed a market that continues its gradual cooldown.
A Striking Jobs Report Suggests Stronger Labor Market Than Previously Thought—With Important Caveats
Today’s Jobs Report was truly striking, beating expectations for January and revising 2023 job gains upwards. It was also somewhat confusing, containing indicators of remarkable labor market strength alongside concerning indicators of weakness.