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The US economy for April put on 253,000 jobs

05 May,2023
The US economy for April put on 253,000 jobs

The United States' economy unexpectedly added jobs at a quicker clip in April, despite significant downward revisions in the previous months, as the country's labor market shown resilience even as Fed suggested that it may pause a spate of recent interest rate hikes.

According to data released on Friday by the Labor Department's Bureau of Labor Statistics, nonfarm payrolls increased by 253,000 last month, significantly exceeding economists' expectations of a total of 180,000.

The figures for the previous two months had been drastically revised. In March, the United States added 165,000 jobs instead of the previous reading of 236,000. The total was reduced from 326,000 to 248,000 in February. The total number of modifications is 149,000 fewer than previously reported.

Meanwhile, the jobless rate fell to 3.4% in April from 3.5% in March, defying forecasts that it would rise to 3.6%.

Cooling robust labor demand and pay gains has been a key goal in the Fed's continuous battle to combat high inflation. In order to attain this goal, the Federal Reserve of the United States has embarked on an aggressive rate hike campaign.

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