US job growth exceeds expectations, but workforce declines persist

The US economy added 115,000 nonfarm payroll jobs in April, more than doubling the consensus forecast of 55,000. But the number also represents a meaningful deceleration from March’s 178,000 additions.

Unemployment held steady at 4.3%, according to the Bureau of Labor Statistics.

Where the jobs actually landed

Healthcare, transportation, and retail were the primary engines of April’s gains.

ADP’s private sector report showed 109,000 new jobs against expectations of 99,000. Within the ADP data, education and health services led the way with 58,000 new positions. Construction added 30,000 jobs. On the flip side, trade and transportation shed 58,000 positions.

The bigger picture is less rosy

The year 2025 marked the slowest pace of private sector job growth since 2003, with just 398,000 private jobs added across the entire year. The culprits were persistent inflation, geopolitical uncertainty, and a general reluctance among employers to commit to headcount expansion.

December 2025’s jobs report came in at just 50,000 new positions, well below expectations. April’s 115,000 figure looks strong partly because the baseline had gotten so low.

What this means for investors

When the labor market beats expectations, the Federal Reserve has less urgency to cut interest rates. Rate cuts have historically been rocket fuel for Bitcoin and the broader digital asset market, because lower rates push investors further out on the risk curve in search of returns. April’s report beat was substantial enough to push back any remaining bets on near-term rate relief.

As long as unemployment sits at 4.3% and payrolls keep surprising to the upside, the central bank has cover to maintain its current stance. The steady 4.3% unemployment rate, combined with the sector-level job losses in trade and transportation of 58,000 positions, hints at structural tightness in the labor market.