?U.S. employers added 253,000 new jobs in April, beating economists’ expectations, and the unemployment rate ticked down to 3.4 percent, one of the lowest levels on record, according to the latest employment report from the U.S. Bureau of Labor Statistics. The report shows that hiring is not slowing down, after strong job growth in the first quarter of the year. Most of the new jobs were reported in leisure and hospitality, professional business services, and health care.
Other indicators show that the uber-resilient labor market is gradually losing steam amid the Federal Reserve’s efforts to cool inflation by raising interest rates. The number of job openings is shrinking, layoffs are rising, and the rate of quitting is slowing down. Some economists still believe a recession is due later this year.
Separately, payroll processing firm ADP reported that hiring surged unexpectedly in April, with headcount rising by 296,000 for the month, the highest monthly increase since July 2022.
Check back here later today for more analysis from labor market experts.
