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In the fourth month of the year, 88,000 more jobs were created than in March for a total of 235,000 net jobs. This Friday’s data exceeded the expectations of financial analysts and showed an economy that, despite forecasts of recession and a fragile banking outlook, managed to recover. The April data, however, was lower than the peak reached in January, when 472,000 jobs were added.
The labor sector data for April in the United States surprised the markets on May 5. The Bureau of Labor Statistics reported that 253,000 non-farm payrolls were created last month, a higher figure than in March and much higher than the 180,000 estimated by economists surveyed by the Reuters news agency.
The unemployment rate fell to 3.4% from 3.5% in March and was established as the lowest record in 54 years; however, the reality is that the country has been exceeding the forecasts made by industry analysts for at least a year.
In other data in the report, average hourly earnings were shown rising 0.5% month-on-month in April from 0.3% in March and average wages growing 4.4% year-on-year last month, after having reported a rise of 4.3% in March.
The news, although it encouraged investors and shows the resilience of the world’s largest economy, puts the decisions of the Federal Reserve (Fed) in check, at a time when the directors of the entity are trying to curb inflation through interest rate rises.
A day earlier, this Thursday, the Fed raised the reference rates by 25 basis points, which represented its tenth increase, while on Wall Street, before the labor data for this Friday was released, there was talk of a possible relaxation in the central bank monetary policy. Now the outlook is clouded even more.
He president of the Federal Reserve SystemJerome Powell, explained on Wednesday at a press conference that future rate hikes “will depend on the macroeconomic figures recorded by the country in the coming weeks” and assured that data such as unemployment or the inflation rate “will be essential for decide whether to stop the rises”.
Upon the release of the report, US President Joe Biden welcomed the news and applauded the fact that his plan to invest in the US “is working.”
We just learned we created 253,000 jobs in April.
That’s 12.7 million jobs since I took office, an unemployment rate that is the lowest since 1969, and the highest share of working age people in the workforce since 2008.
My plan to invest in America is working.
—President Biden (@POTUS) May 5, 2023
“There are 12.7 million jobs since I took office, an unemployment rate that is the lowest since 1969 and the highest proportion of people of working age in the labor force since 2008,” said the president, although the rate of 3.4% (the lowest in 54 years), was also registered in January of this year.
In April, Inflation in the world’s leading economy reached 5% year-on-yearbeing the ninth consecutive month that the country has a decrease in its CPI variation from the 9.1% annual rate it registered in June, the highest data in at least four decades.
With Reuters, AP and local media
