The US job market showed weaker growth in April, with only 175,000 jobs added. This fell short of economists’ expectations and was significantly lower than the previous month. However, the job market is still considered strong, and the labor market is moving towards a soft landing scenario. The May jobs report is expected to show similar growth, with economists predicting job growth of 180,000. If the unemployment rate remains below 4%, it would be the longest streak in over 70 years. The report also indicates a slowdown in hiring and job cuts. Economists are closely watching average hourly earnings and trends in foreign-born workers. The report may also reflect the potential negative effects of the expiration of the Elementary and Secondary School Emergency Relief program on state and local public education jobs.
