US labor market defies rate hikes, posts strong job gains

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US job growth accelerated in April while wage gains increased solidly, pointing to persistent labor market strength that could compel the Federal Reserve to keep interest rates higher for longer as it fights to bring inflation under control

President Joe Biden seized on the employment report to urge Congress to raise the federal government's borrowing cap amid projections it may run out of money in June, a development that could cause great harm to the economy.

Healthcare payrolls increased by 40,000. Employment in the leisure and hospitality industry rose by 31,000 jobs, mostly concentrated at restaurants and bars. Hiring in the sector, which has been the main job growth driver, is slowing.Financial activities payrolls rose by 23,000, as did the government jobs category. Government employment remains 301,000 positions below its pre-pandemic level. Manufacturing, retail and construction payrolls rebounded after declining in March.

While the workweek was unchanged at 34.4 hours, total hours worked rose 0.2%. This generated a 0.7% gain in payrolls.

 

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