In April, the US job market continued to thrive, adding 175,000 new jobs while maintaining a steady unemployment rate of 3.9%.
The previous month saw an impressive addition of 315,000 jobs, surpassing economists’ expectations of 192,000. This marked the 39th consecutive month of job growth and the 26th month with unemployment below 4%.
Despite the Federal Reserve’s decision to keep interest rates high, the job market in the US remains robust.
The Fed’s recent statement highlighted concerns about high inflation and indicated no immediate plans to lower interest rates until they are confident that price increases are slowing towards the target of 2%. Fed chair Jerome Powell remains optimistic that inflation will decrease later this year.
According to ADP, private sector employment in April increased by 192,000 jobs, with annual pay rising by 5% year-over-year.
Nela Richardson, chief economist at ADP, noted that April’s hiring was widespread, except for the information sector, which experienced job losses and minimal pay growth. Despite this, the overall job market outlook remains positive.
2024-05-03 07:40:37
Article from www.theguardian.com