05-3-2024, 11:18 AM

In April, the US economy added a meager 175,000 jobs

Last month, job growth in the US significantly decelerated, with only 175,000 positions created in April, as per data released by the Bureau of Labor Statistics on Friday.

The slower-than-anticipated increase may indicate that the Federal Reserve's series of 11 rate hikes has dampened demand for labor.

The unemployment rate edged up to 3.9%, according to the Bureau of Labor Statistics. April marks the 27th consecutive month that the unemployment rate has remained below 4%, matching a streak last observed in the late 1960s.

Economists had projected the addition of 235,000 jobs last month, a decrease from the revised estimate of 315,000 in March; and anticipated the unemployment rate to remain steady at 3.8%, according to consensus estimates from FactSet.

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