The U.S. job market continues to defy efforts to cool the economy as the unemployment rate reached 3.4% in April, tying its lowest mark in the last five decades, according to new data released by the Bureau of Labor Statistics.
Average hourly earnings also increased by 16 cents in April to $33.36 per hour. Average earnings have increased by roughly 4.4% in the last year, but haven’t quite kept up with inflation, which stood at 5% as of March. “My colleagues and I understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2% goal,” Powell said earlier this week. “Price stability is the responsibility of the Federal Reserve; without price stability, the economy does not work for anyone. Without price stability, we will not achieve a strong market and labor conditions that will benefit all.