America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.
Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century.
And the number of people in the labor force declined in April by 363,000, the first drop since September. Their exit slightly reduced the proportion of Americans who are either working or looking for work from 62.4% to 62.2%. Many industries have been slowed by labor shortages. The nation remains 1.2 million jobs shy of the number it had in early 2020, just before the pandemic hammered the economy.
For now, the resilience of the job market is particularly striking when set against the backdrop of galloping price increases and rising borrowing costs. This week, the Labor Department provided further evidence that the job market is still booming. It reported that only 1.38 million Americans were collecting traditional unemployment benefits, the fewest since 1970. And it said that employers posted a record-high 11.
“Trying to slow the economy just enough, without causing a recession," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “Their track record on that is not particularly good."Giacomo Santangelo of the jobs research firm Monster is among economists who say they think a recession is coming. Even so, Santangelo said, the Fed “doesn’t have much of a choice’’ other than raising rates to combat the inflation spike.
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April 2022 jobs report: US added 428,000 jobs despite surging inflationAmerica's employers added 428,000 jobs in April 2022 and hiring kept the unemployment rate at 3.6%.
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US Added 428,000 Jobs in April Despite Surging InflationAmerica’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs. Last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century. Employers have added at least 400,000 jobs for 12 straight months. Still, the job growth, along with steady wage gains, will help fuel consumer spending and likely keep the Federal Reserve on track to raise borrowing rates sharply to fight inflation. That would lead to increasingly heavy borrowing costs for consumers and businesses. Higher loan rates could also weigh down corporate profits.
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U.S. added 428,000 jobs in April despite surging inflationDespite punishing inflation, chronic supply shortages, the war in Ukraine and much higher borrowing costs, Friday’s jobs report showed that last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century.
Weiterlesen »
US added 428,000 jobs in April despite surging inflationAmerica’s employers added 428,000 jobs in April, extending a streak of solid hiring. See 8 charts tracking the US economy.
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US added 428,000 jobs in April despite surging inflationAmerica’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.
Weiterlesen »
US added 428,000 jobs in April despite surging inflationFriday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century.
Weiterlesen »