In April, due to slow hiring, its workforce added 175,00 jobs, and wage growth is still slow.   

This news cheered investors with hope that a cooling labor market would prompt the Federal Reserve to cut interest rates, which have been driven to a 20-year high as the nation’s stubbornly trying to fight high inflation rates. Moreover, all the major markets in the US rose on the news.   

In the previous month, the Labor Department reported the United States had added a revised 315,000 jobs, which is far higher than the 192,000 jobs economists had forecasted. Moreover, April’s figure has been lower than forecast, and unemployment rates have risen from 3.8% to 3.9% over the month, but the figures underlined the continuing strength of the job market.   

It was the 40th straight month of job gains in the US and the 27th consecutive month with the unemployment rate below 4%. This has been the longest streak since 1953.   

Gains have been broad-based, with areas like healthcare, social assistance, transportation, warehousing, manufacturing, and construction all adding up for job creation.   

Further, ADP, the largest payroll supplier in the US, has reported that within this week, private sector employment was up 192,000 jobs in the month of April, and the annual pay was up by 5% year-over-year.
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