US jobs report sends conflicting signals, as Fed’s inflation concerns grow

The result is a jobs number that looks better on paper than it feels to most workers, hence the ongoing anxiety consumers are expressing in consumer attitude surveys, as outlined by KPMG US Chief Economist Diane Swonk.

United States (US) payroll employment rose by 115,000 jobs in April. Payrolls fell by 156,000 in February before rising by 185,000 in March. Public sector payrolls shed 8,000 with a loss in federal workers more than offsetting a small increase in hires at the state and local levels. Federal employment is now down 348,000 jobs from its peak in October 2024. Staffing shortages have become acute at some federal agencies; older workers took buyouts, early retirement and quit in the wake of las...

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Authors: Diane Swonk

Published Date: 12 May 2026