The US economy added 253,000 jobs in April, according to the latest jobs report from the Bureau of Labor Statistics. The unemployment rate remained unchanged at 3.4%, still near a 54-year low. Job gains were widespread across sectors, with notable increases in professional and business services, healthcare, and construction. Wage growth moderated slightly, with average hourly earnings rising 0.5% from the previous month and 4.4% over the past year. The labor force participation rate edged up to 62.6%, indicating more people are entering or rejoining the workforce. Despite concerns about a potential recession, the resilient job market and steady wage growth suggest the economy remains on solid footing. However, the Federal Reserve may view the robust hiring as a sign of persistent inflationary pressures, potentially influencing its decision on future interest rate hikes.
Source: https://www.cnn.com/2024/05/03/economy/april-jobs-report-final/index.html