05/05/2023

U.S. Job Growth Beats Expectations

Unemployment is at a half-century low

U.S. employers boosted hiring in April while raising wages for workers, pointing to sustained labor market strength that could see the Federal Reserve keeping interest rates higher for some time.

Nonfarm payrolls increased by 253,000 jobs last month, the Labor Department's closely watched employment report showed on Friday. Data for March was revised lower to show 165,000 jobs added instead of 236,000 as previously reported.

Economists polled by Reuters had forecast payrolls rising by 180,000. Payrolls are well above the 70,000-100,000 monthly increase needed to keep up with growth in the working-age population.

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