WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 428,000 jobs were added in April. The overall unemployment rate remains at 3.6% (seasonally adjusted). The unemployment rate for women remained nearly unchanged at 3.2%.
Overall, labor force participation dropped slightly to 62.2% from 62.4%. Women’s labor force participation edged down slightly to 58%. Both are still below pre-pandemic levels.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at Independent Women’s Forum, issued the following statement:
“Recession warning signs are flashing, and this jobs report is not proof of economic strength. The unemployment rate is a lagging indicator, meaning that it follows changes in the economy. Job openings and quit rates are at record highs as Americans are jumping from job to job. The labor market has recovered about 90% of lost pandemic jobs, which is positive, but other major economic indicators signal that storms clouds are brewing ahead.
“The economy shrank in the first quarter, meaning we are halfway to an official recession. Inflation is at a 40-year high, and although consumer spending is strong, the Federal Reserve’s interest hike this week is sure to put a nail in the housing market’s tire. If inflation persists but spending, particularly home buying, cools, it will have negative rippling impacts across the economy.
“Americans are very pessimistic about the health of the economy – they have every right to be. In new CNN polling, 77% of Americans view the economy as poor, and over half of them blame President Joe Biden’s policies. Out-of-control inflation and skyrocketing gas prices are eating up wage gains, leaving workers worse off.”
Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended but actually enhance people’s freedom, choices, and opportunities.
Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.