U.S. Adds 428,000 Jobs in April, But Earnings Growth Cools Slightly
The U.S. created 428,000 nonfarm jobs in April – more than expected – bringing the labor force back ever closer to its pre-pandemic level.
The Labor Department said that the jobless rate stayed at 3.6% of the workforce, disappointing forecasts for a drop to 3.5%, while there were also tentative signs of wage pressures starting to ease. Average hourly earnings rose only 0.3% on the month, a tick less than forecast. In annual terms, wages continued to grow at a clip of 5.5%, unchanged from March.
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