U.S. adds a solid 253,000 jobs despite Fed’s rate hikes
April’s hiring gain compares with 165,000 in March and 248,000 in February and is still at a level considered vigorous by historical standards.
April’s hiring gain compares with 165,000 in March and 248,000 in February and is still at a level considered vigorous by historical standards.
The Labor Department’s Job Openings and Labor Turnover Summary, out Tuesday, showed that layoffs rose to 1.8 million, the highest level since December 2020.
Black employment has benefited from the same forces that have helped all workers—a surge in labor market demand coming out of the pandemic fueled by federal stimulus, which has led to one of the fastest job recoveries on record.
America’s employers added a solid 236,000 jobs in March, suggesting that the economy remains on solid footing despite the nine interest rate hikes the Federal Reserve has imposed over the past year in its drive to tame inflation.
The labor market continues to thrive despite the Federal Reserve’s efforts to cool the economy and tamp down inflation.
Indiana saw gains in the construction; leisure and hospitality; private educational and health services; trade, transportation and utilities; and professional and business service sectors.
Nearly all of last month’s hiring occurred in services industries—from restaurants and hotels to retailers and health care companies.
The survey adds to evidence that informal work has been increasingly prevalent in the U.S. economy, a trend further exacerbated by the pandemic, social media and remote work.
The job eliminations arrive after CEO Mark Zuckerberg sought to reassure workers that he didn’t “anticipate more layoffs” after the company slashed 11,000 jobs—roughly 13 percent of its workforce—in November.
Jerome Powell’s remarks followed the government’s blockbuster report last week that employers added 517,000 jobs in January, nearly double December’s gain. The unemployment rate fell to its lowest level in 53 years, 3.4%.
The job market has withstood aggressive rate hikes by the Federal Reserve as the Fed attempts to cool the economy and bring down inflation.
Employers are holding on to their workers despite the Federal Reserve’s efforts to slow the economy and tamp down inflation.
About 1.67 million people were receiving jobless aid the week that ended Nov. 26, up 62,000 from the week before. That’s the most in 10 months, but still historically low.
The U.S. labor market showed little sign of slowing last month, maintaining a surprisingly robust pace despite a slowdown in the tech industry.
Applications for unemployment benefits are a proxy for layoffs, and viewed with other employment data, shows that American workers are enjoying extraordinary job security at the moment, despite an economy with some glaring weaknesses.
The number of Americans applying for unemployment benefits rose last week to the highest level since August but still remains low by historic standards.
Despite the rate’s increase, the state gained 6,900 private-sector jobs last month, the Indiana Department of Workforce Development reported.
The report suggests demand for workers remains robust despite rapid interest-rate hikes and a darkening economic outlook. Layoffs, while rising, are still historically low, and competition to fill millions of vacant positions has driven rapid wage gains.
All eyes will now turn to the Labor Department’s October jobs report Friday, the last peek at the state of the economy ahead of the midterm elections.
September was the 12th consecutive month in which Indiana had an unemployment rate below 3%.