WASHINGTON, May 3 — US job growth came in markedly below analyst expectations in April while unemployment crept up, government data showed today, signalling that the labour market is cooling.
For now, the latest figures could prove encouraging for policymakers looking to cool the economy gradually.Apart from an easing in hiring figures, officials are also looking to a slowdown in pay gains as they seek to bring inflation lower over the long run. The situation has allowed Federal Reserve Chair Jerome Powell to push back this week against talk of stagflation — a scenario involving slow growth, high unemployment and elevated inflation.But he has maintained that the central bank is ready to respond to an unexpected weakening in the jobs market.
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