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Saturday, May 6th, 2023

Job growth totals 253,000 in April, beating expectations even as the U.S. economy slows

Author:     Jeff Cox
Source:     CNBC
Publication Date:     FRI, MAY 5 2023 | 9:46 AM EDT
 Link: Job growth totals 253,000 in April, beating expectations even as the U.S. economy slows
Stephan:  

As I listen to MAGAts raving on against immigrants I look at these employment numbers and think almost everyone in America who wants to be is employed. But I also keep reading there is a need for 11 million more employees to keep the economy thriving. So where are those 11 million going to come from if not immigrants?

  • Nonfarm payrolls increased 253,000 for April, beating Wall Street estimates for growth of 180,000.
  • The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969.
  • Average hourly earnings rose 0.5% for the month and increased 4.4% from a year ago, both higher than expected.

Job growth fared better than expected in April despite bank turmoil and a decelerating economy, the Labor Department reported Friday.

Nonfarm payrolls increased 253,000 for the month, beating Wall Street estimates for growth of 180,000, according to the Bureau of Labor Statistics.

The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969. A more encompassing number that includes discouraged workers and those holding part-time jobs for economic reasons edged lower to 6.6%.

Average hourly earnings, a key inflation barometer, rose 0.5% for the month, more than the 0.3% estimate and the biggest monthly gain in a year. On an annual basis, wages increased 4.4%, higher than the expectation for a 4.2% gain. Both numbers raise the chances that the […]

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