Chart of the Week: Monthly Payroll Growth and Unemployment Rates

Based on April’s employment report from the Bureau of Labor Statistics, there was some positive news on the job market for April, with the unemployment rate steady at 4.3%, employment growth at a solid 115,000, and wage growth picking up to 3.6% at an annual rate.

Chart of the Week: Annual Change in PCE Inflation

While markets were eager for Friday’s report on Q4 2025 GDP, perhaps the most significant result was that PCE inflation increased 2.8% compared to a year ago, a reacceleration from the third quarter, with the core measure exhibiting a 2.9% increase.