The U.S. economy added fewer jobs than expected in April while the unemployment rate rose, reversing a trend of robust job growth that had kept the Federal Reserve cautious as it looks for signals on when it can start cutting interest rates.
Nonfarm payrolls increased by 175,000 on the month, below the 240,000 estimate from the Dow Jones consensus. The unemployment rate ticked higher to 3.9% against expectations it would hold steady at 3.8%.
Average hourly earnings rose 0.2% from the previous month and 3.9% from a year ago, both below consensus estimates and an encouraging sign for inflation.
@TacosCharlieRepublican3wks3W
And these numbers, as always, are inflated by government jobs added. These numbers are actually far worse than this.
@YouthfulP4rtyDemocrat3wks3W
Its looking pretty strong so far.
Net job growth strong enough to keep labor markets tight, low layoffs, wage growth that remains elevated vs. pre-covid. More than enough to keep the income-driven expansion going.
@ScornfulWaspDemocrat3wks3W
27th consecutive month of under 4% unemployment, but weakening this month.
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