There wasn’t much hiring going on by US companies in April. Only 160,000 jobs were added last month, according to the Labor Department’s latest report.
Analysts at Goldman Sachs had estimated that 240,000 jobs would be added.
Concerns are rising that the US economy may be losing its momentum. Growth is slower in 2016 than 2015 but experts are anticipating more hiring from a normal Spring bounce.
The unemployment rate has remained at 5%. That rate has remained stable because more people have begun to look for jobs again in recent months.
Rates were hurt by the energy sector which reported the loss of another 7,000 jobs. 191,000 jobs have been loss to the energy and mining sector since September 2014.
April also saw a decent bounce in wages, which grew 2.5% annually. That’s still below the 3% to 3.5% that’s typical of a healthy US economy, but it beats wage growth in March of this year.
The Federal Reserve is set to meet in June to discuss an interest rate increase, a move that is now unlikely because of April’s hiring numbers.