Tuesday, October 4, 2022
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US Added 428,000 Jobs In April, Unemployment Remains At 3.6 Percent

The U.S. added 428,000 jobs in April and the unemployment remained at 3.6%, according to a Bureau of Labor Statistics report released on Friday.

According to the April jobs report, hiring remained strong in April, with the unemployment rate rising just 0.1 percentage points over February. Based on consensus estimates, the U.S. added roughly 300,000 jobs, bringing the unemployment rate back down to pre-pandemic levels.

Additionally, progress is being made despite supply chain difficulties, the grip of a pandemic in Shanghai, and indications that Russia’s war on Ukraine will continue.

“The continued strength of our job market and the savings that families have built up over the last year means that our economy faces the challenges of COVID-19, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength,” said Biden in a statement

The leisure and hospitality industry added 78,000 jobs last month, which was the greatest gain of all industries. Restaurants and bars added 44,000 jobs, and accommodation businesses found 22,000 new jobs. Since February 2020, 1.2 million jobs have been lost in this sector due to the pandemic.

There were also significant gains in manufacturing (55,000), transportation and warehousing (52,000), professional and business services (41,000), financial activities (35,000) and health care (34,000). A solid 29,000 gains were recorded in the retail sector, mainly from food and beverage stores.

These latest figures coincide with record inflation, which voters are increasingly expressing concern over. “There’s no question that inflation and high prices are a challenge for families across the country, and fighting inflation is a top priority for me,” added president Biden. 

However, while the labor market remains strong, more economists believe the Fed may have to raise interest rates to the point of inducing a recession. The increase in interest rates will dampen consumer demand, but will not be enough to ease price pressures due to the war in Ukraine, the COVID-19-related shutdowns in China and the ripple effects of port backlogs, shortages and other obstacles.

Michael Peres
Michael Pereshttps://michaelperes.com
Michael Peres is a founder of various tech startups and pioneer behind the Breaking 9 To 5 business model. Peres covers topics pertaining to entrepreneurship, middle-eastern politics, entertainment and daily events. He currently resides in Seattle, Washington.
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