According to data from the Bureau of Labor Statistics, the economy has been adding an average of 276,000 jobs every month so far this year. However, the job growth slowed in April, with only 175,000 positions added. This could be due to the Federal Reserve’s 11 rate hikes, which may have dampened labor demand.
The unemployment rate increased to 3.9%, marking the 27th consecutive month that it has been under 4%. This streak has not been seen since the late 1960s. Economists had anticipated 235,000 jobs would be added in April, down from the revised estimate of 315,000 positions added in March. They also expected the jobless rate to remain steady at 3.8%, according to FactSet consensus estimates.
As this story continues to develop, updates will be provided.