April hiring gains reflect a still-resilient US job market
America’s employers added a healthy 253,000 jobs in April, evidence of a labor market that still shows surprising resilience despite rising interest rates, chronically high inflation and a banking crisis that could weaken the economy. The unemployment rate dipped to 3.4%, matching a 54-year low. The jobless rate fell in part, though, because 43,000 people left the labor force, the first drop since November, and were no longer counted as unemployed. While hiring was solid in April, it was much weaker in February and March than the government had previously estimated. Job gains for those months was downgraded by a combined 149,000.