The U.S. added 428,000 in April and the unemployment remained at 3.6%, according to a Bureau of Labor Statistics report released on Friday.
According to the April 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 , bringing the unemployment rate back down to pre-pandemic levels.
Additionally, progress is being made despite Shanghai, and indications that ‘s war on will continue. difficulties, the grip of a pandemic in
“The continued strength of our job and the savings that families have built up over the last year means that our economy faces the challenges of COVID-19, ’s unprovoked invasion of , and global inflation from a position of strength,” said Biden in a statement.
The leisure and hospitality industry added 78,000 last month, which was the greatest gain of all industries. Restaurants and bars added 44,000 , and accommodation businesses found 22,000 new . Since February 2020, 1.2 million 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 (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 rates to the point of inducing a recession. The increase in interest rates will dampen , but will not be enough to ease price pressures due to the war in , the COVID-19-related shutdowns in and the ripple effects of port backlogs, shortages and other obstacles. remains strong, more economists believe the Fed may have to raise interest