The US economy added 428,000 jobs in April, beating expectations as the Fed tapped the brakes on the recovery
The labor market's recovery held strong in April as higher interest rates did little to slow companies' rapid pace of job creation.
The unemployment rate held at 3.6%. That landed above the 3.5% rate economists projected. The rate now sits at the same record low seen before the pandemic, offering yet another sign of just how tight the labor market has become. Job counts were little changed in the construction, information, and government sectors, according to the report. Subsectors including employment services, department stores, and furniture manufacturing saw mild declines in employment.
The Friday report is the first to reveal how hiring fared after the Federal Reserve's first pandemic-era interest rate hike. The central bankby 0.25 percentage points, kicking off a cycle of increases that aim to weaken demand and cool inflation. As borrowing gets more expensive, businesses will likely slow their hiring plans and settle into a more moderate growth pace.
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