The United States added 175,000 jobs in April, missing analyst expectations significantly, according to government data. Photo: JUSTIN SULLIVAN / GETTY IMAGES NORTH AMERICA/Getty Images via AFP/Fileeconomy
While hiring has decelerated, the number of jobs added in April remains well above 100,000 –- the average level that some economists say is needed to keep the unemployment rate steady.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.
From a year ago, average hourly earnings were 3.9 percent higher in April -- slipping below 4.0 percent for the first time since 2021.A solid labor market has helped to prop up consumption and economic growth despite higher interest rates, which typically makes borrowing more expensive for households and businesses.
For now, the US central bank has maintained the benchmark lending rate at a 23-year high, most recently citing a lack of further progress in lowering inflation in doing so.
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