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Jobs report shows strong 253,000 increase in April. Labor market not cooling much

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The U.S. created 253,000 new jobs in April and wages rose sharply, indicating there's still lot of demand for labor even as the economy slows.

The numbers: The U.S. created a stronger-than-expected 253,000 new jobs in April and wages rose sharply, indicating there’s still lot of demand for labor even as the economy slows.The unemployment rate, what’s more, fell a tick to 3.4% from 3.5%,... The numbers: The U.S. created a stronger-than-expected 253,000 new jobs in April and wages rose sharply, indicating there’s still lot of demand for labor even as the economy slows.The unemployment rate, what’s more, fell a tick to 3.4% from 3.

The big increase in jobs last month is not what the Federal Reserve wanted to see. The central bank hopes the labor market will cool off and ease the upward pressure on wages.Yet a sharp increase in wages last month also underscores the resilience of the labor market. Hourly wages rose a sharp 0.5% last month, matching the biggest increase since lasts summer.

Normally that’s a great thing. A tight labor market, however, might also be adding to high inflation.

 

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