America's employers added a robust 253,000 jobs in April, evidence of a labor market that still shows surprising strength despite rising interest rates, chronically high inflation and a banking crisis that could weaken the economy.
WASHINGTON — America’s employers added a robust 253,000 jobs in April, evidence of a labor market that still shows surprising strength despite rising interest rates, chronically high inflation and a banking crisis that could weaken the economy.
The unemployment rate ticked down to 3.4%, matching a 54-year low. Last month’s hiring gain compared with 165,000 in March and 248,000 in February, and is at a level considered vigorous by historical standards. The job market has remained strong despite the Federal Reserve’s aggressive campaign of interest rate hikes over the past year to fight inflation. Layoffs are still relatively low, job openings comparatively high. Still, the ever-higher borrowing costs the Fed has engineered have weakened some key sectors of the economy, notably the housing market.
Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio Since hitting a four-decade high last year, inflation has steadily eased yet is still well above the Fed’s 2% target level. People are also reading… Fed Chair Jerome Powell himself sounded somewhat mystified this week by the job market’s durability. The central bank has expressed concern that a robust job market exerts upward pressure on wages — and prices. It hopes to achieve a so-called soft landing – cooling the economy and the labor market just enough to tame inflation yet not so much as to trigger a recession.
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