US employers added 253,000 jobs in April. This shows that the labor market is still showing surprising strength despite rising interest rates, chronically high inflation and a banking crisis that could undermine the economy.
The unemployment rate fell to 3.4%, the lowest level in 54 years. Employment increased last month, compared to 165,000 in March and 248,000 in February, and is at a level considered active by historical standards.
The job market remains strong despite the Federal Reserve’s aggressive rate hike campaign to combat inflation over the past year. Layoffs remain relatively low and job openings relatively high. Yet the Fed-designed rise in borrowing costs has weakened some key sectors of the economy, including the housing market.
Inflation has eased steadily since hitting a 40-year high last year, but is still well above the Fed’s 2% target.
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https://www.washingtontimes.com/news/2023/may/5/us-adds-strong-253000-jobs-despite-feds-rate-hikes/?utm_source=RSS_Feed&utm_medium=RSS US adds 253,000 strong jobs despite Fed rate hike in April report