Topline
The U.S. added back another 428,000 jobs in April, performing better than economists expected as the strong labor market recovery encourages Federal Reserve officials to more aggressively raise interest rates in their fight against inflation—even as stocks tumble over the potential implications for earnings growth.
Workers assemble cars at the renovated Ford’s Assembly Plant in Chicago.
Key Facts
Job gains in April surpassed the roughly 400,000 new jobs economists had forecast, and matched revised estimates for employment growth in March, according to data released Friday by the Labor Department.
Growth was widespread, and led by gains in leisure, manufacturing, transportation and warehousing, the government said.
Despite the better-than-expected gains, the unemployment rate remained flat at 3.6%—close to a pre-pandemic rate of 3.5% in February 2020, when unemployment was hovering at its lowest level since 1969.
“Amid all the world’s troubles and volatility in financial markets, the job market grinds on,” Bankrate analyst Mark Hamrick said after the release, pointing out April marked the twelfth consecutive month in which employers added more than 400,000 jobs.
This is a developing story. Please check back for updates.
Further Reading
Has Inflation Peaked? Fed’s Favorite Indicator Says Maybe So—Despite Another ‘Startling’ Reading (Forbes)
U.S. Added 431,000 Jobs In March—Unemployment Rate Falls Closer To Pre-Covid Low (Forbes)
Source: https://www.forbes.com/sites/jonathanponciano/2022/05/06/us-added-428000-jobs-in-april-beating-expectations-as-hot-labor-market-spurs-fed-rate-hikes/