April Employment Situation (jobs report) due out this Friday, May 8, 2026. Last report released April 3, 2026 was for March 2026 and it showed the economy added 178,000 nonfarm payroll jobs in March, the strongest month in the trailing year. Unemployment held at 4.3% and average hourly earnings +3.5% year-over-year. The last 12 months saw four months of job losses: June, August, October, and February.  

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Last Employment Cost Index report was for Q1 2026 and showed total compensation growth has steadily decelerated from a peak of 5.1% year-over-year in mid-2022 to 3.4% as of January 2026. Wages and salaries followed the same path, now also at 3.4%. The gap between total compensation and wages has essentially closed, suggesting benefit cost growth has normalized.