April Jobs Report Beats — US Adds 115,000 vs 65,000 Expected, Unemployment Holds at 4.3%

The US added 115,000 jobs in April, well above the 65,000 expected. Unemployment held steady at 4.3%. Healthcare led with +37k, transport/warehousing +30k, retail +22k, social assistance +17k. Federal government employment fell. Wage growth softer than expected at +0.2% MoM / +3.6% YoY.

The Headline Numbers

Non-farm payrolls: +115,000 in April
Consensus: 65,000 — beat by 50k
Unemployment rate: 4.3% (held)
Avg hourly earnings: +0.2% MoM, +3.6% YoY (consensus +0.3% MoM / +3.8% YoY)

Sector Breakdown

Healthcare: +37,000 (leader)
Transportation + warehousing: +30,000
Retail: +22,000
Social assistance: +17,000
Federal government: declined

What The Print Tells Us

Headline labour market is solid, steady, and stable
Beats expectations — but the beat is more about low expectations than blowout strength
Sector composition skews defensive (health, transport, retail) — not capex-cycle leadership
Federal cuts continue per DOGE-era restructuring

Wage Read

Softer-than-expected wage growth = doves win the next FOMC debate
3.6% YoY wage growth at 4.3% unemployment = labour-market slack present but not pressing
Real wages still positive given inflation cooling
Wage-Phillips-curve advocates lose another data point

The Tech-Layoff Counter-Narrative

Tech alone drove 33,361 of April’s 83,387 announced cuts (Challenger)
AI cited as leading reason for cuts — second consecutive month
YTD tech cuts +33% vs 2025; non-tech cuts −50%
Tech weakness hasn’t yet shown through in the BLS headline — sector divergence widens