圣路易斯联储分析：美国4月失业率 headline 值持平于4.3%，就业分离增加
Flash Report: Headline Unemployment Steady in April, but Job Separations Rise
圣路易斯联储分析称，美国4月 headline 失业率为4.3%，与3月持平；未四舍五入的失业率从4.2561%升至4.3372%，增加0.08个百分点。失业率小幅上升主要由离职或失业后转为失业的人数增加推动；4月非农就业增加115,000人。
材料显示，美国4月失业率 headline 值持平，但更精确数据小幅上升，主要与失业人数增加有关。
KEY TAKEAWAYS
- The headline U.S. unemployment rate was 4.3% in April, unchanged from its March level. More precise data show the rate rose slightly to 4.337% from 4.256% during this period.
- This uptick was primarily driven by more workers leaving or losing their jobs and becoming unemployed, reversing the decline in job separations observed in March.
- The labor market continues to demonstrate resiliency, with the unemployment rate changing little in the past 12 months.
April 2026
4.337%
Precise Rate
Unemployment was essentially flat in April, with last month’s headline rate remaining at its March level of 4.3%. (See the FRED chart above.) The April reading for the precise unemployment rate was consistent with its average over the past 12 months, excluding October and November, for which data were unavailable. (See the table below.) Beneath the stability of the headline rate, the more precise unemployment rate ticked up slightly.
Total nonfarm payrolls rose by 115,000 jobs in April, exceeding market expectations and estimates of breakeven employment growth. (Breakeven employment growth is the number of jobs the economy needs to add each month to hold the unemployment rate steady.) The labor force participation rate and employment-to-population ratios have been gradually falling over the last few months.
Next, the analysis takes a deeper look at how estimated flows into and out of unemployment during April affected the overall unemployment rate.
DATA HIGHLIGHTS
- While the headline unemployment rate remained steady at 4.3% in April, the unrounded rate showed a slight increase from March of 0.08 percentage points.
- The bump in unemployment stemmed mainly from a rise in job separations, i.e., workers leaving or losing their jobs and becoming unemployed.
| Average Monthly Change in Unemployment Rate (Percentage Points) |
People Losing or Leaving Their Jobs and Becoming Unemployed |
Unemployed People Finding Jobs |
People Previously Not in the Labor Force Who Are Now Seeking Work |
Unemployed Workers Leaving the Labor Force (e.g. Discouraged Workers) |
|
|---|---|---|---|---|---|
| April 2026 | +0.08 | +1.01 | -1.02 | +1.12 | -1.03 |
| Last 3 Months | 0.00 | +0.92 | -1.04 | +1.12 | -1.01 |
| Last 12 Months | +0.01 | +0.96 | -1.08 | +1.11 | -1.00 |
| SOURCES: Bureau of Labor Statistics and Research staff’s calculations. | |||||
| NOTES: Average changes over the last 12 months exclude October and November, for which data were unavailable. Data are seasonally adjusted. The overall change is based on the precise unemployment rate for these periods; for example, the unemployment rates were 4.3372% in April and 4.2561% in March. The flow components into and out of unemployment add up to the change in unemployment with a negligible residual. See Maximiliano Dvorkin and Serdar Ozkan’s St. Louis Fed On the Economy blog post “The Recent Ins and Outs of Unemployment: Using Flows to Study Labor Market Dynamics” for more information about this method. | |||||
Despite the 0.08 percentage point uptick in unemployment in April, the labor market continues to be resilient. The other components of unemployment flows—unemployed people finding jobs and labor force transitions (i.e., people exiting or entering the labor force)—remained close to their recent averages. (See the table above.)
来源：圣路易斯联储 · 经济分析 · stlouisfed.org