Growth was widespread, and led by gains in leisure, manufacturing, transportation and warehousing, the government said.
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.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 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. The strong number and elevated wage growth—of 5.5% over the past year—should support the Fed's plans to raise interest rates to cool rising inflation,"which is being driven in part by the tight labor market," says Robert Schein of Blanke Schein Wealth Management, predicting wages will likely remain elevated through year's end.
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