Over A Quarter Million Jobs Added In April, Wage Growth On The Rise: What It Means
Despite soaring prices, rising interest rates, and banking uncertainties, the US labor market seems to be performing strongly, per CNN Business. According to The Bureau of Labor Statistics' jobs report, employers added 253,000 jobs in April, which is way higher than the economists had expected. The positive outlook means that the Federal Reserve will likely bring down inflation without triggering a recession.
However, the higher labor costs can put upward pressure on inflation. "The American Labor market is simply unstoppable," RSM economist Joseph Brusuelas wrote in a note Friday.
He also highlighted the fact that this could prove advantageous for American job seekers and workers. The report also recorded an all-time low in the Black unemployment rate. On the other hand, the wage growth of 4.4% from last year poses a new challenge to the Fed's mission to bring down inflation.
The April BLS jobs report shows employers added 253,000 jobs, unemployment declined to 3.4% and labor force participation for workers 25-54 was at its highest since March 2008. Read more here: https://t.co/kH6MXs2OuQ#indeed #LaborMarket— Indeed (@indeed) May 5, 2023