Labor Market Added Staggering 339,000 Jobs Last Month—But Unemployment Rate Rose To 3.7%

  • 📰 Forbes
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 53%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Employment growth is strong, but 'fragmented,' one economist notes.

Amid waves of layoffs continuing to hit some of the nation’s largest employers, the unemployment rate unexpectedly ticked up last month despite the labor market gaining significantly more jobs than expected—adding to mixed messages about the economy as the Federal Reserve decides whether it should pause its aggressive campaign to tame rising prices for the first time in more than a year.

Employment growth is strong, but"fragmented," Nela Richardson, chief economist at ADP,in a Thursday statement. The payroll processor reported private employers added a better-than-expected 278,000 last month; however, it also noted pay growth is"slowing substantially" despite the robust hiring, as leisure and hospitality jobs led gains, while manufacturing and finance lost jobs.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AUD/USD falls to multi-month low below 0.6500 ahead of US labor market dataThe Australian dollar dropped to multi-month lows due to the strong US Dollar and uncertainties surrounding US labor market data and the debt-limit b
Source: FXStreetNews - 🏆 14. / 72 Read more »

The ‘great resignation’ — a trend that defined the pandemic-era labor market — seems to be overThe rate at which workers quit their jobs has declined to pre-pandemic levels as the labor market has gradually cooled.
Source: CNBC - 🏆 12. / 72 Read more »

US labor market remains resilient as job openings climb, layoffs dropU.S. job openings unexpectedly rose in April and data for the prior month was revised higher, pointing to persistent strength in the labor market that could compel the Federal Reserve to raise interest rates again in June.
Source: Reuters - 🏆 2. / 97 Read more »

U.S. job openings rise to 10.1M as the labor market stays strong despite rate hikesU.S. job openings rose unexpectedly in April, illustrating the resilience of the American labor market even as the Federal Reserve attempts to cool the economy in its fight against inflation.
Source: chicagotribune - 🏆 8. / 91 Read more »

Labor market still surprisingly hot, with more job openings in AprilA jobs report released Wednesday indicated that the labor market could be getting hot again — a notable reversal of an ongoing cooling trend over the past year.
Source: washingtonpost - 🏆 95. / 72 Read more »

US applications for unemployment benefits tick up slightly as labor market remains healthySince the pandemic purge of more than 20 million jobs three years ago, the U.S. economy has added jobs at a furious rate and Americans have enjoyed unusual job security.
Source: ladailynews - 🏆 332. / 59 Read more »