US Adds 253,000 Jobs , in April.
The added jobs exceeded analysts' expectations of 180,000 for the month, reports 'The Hill.'.
The unemployment rate dropped from 3.5% the previous month to 3.4%, according to Labor Department data.
The report indicates that although the economy is slowing, the labor market is still strong.
Once again, the job market has turned heads with its resilience, Mark Hamrick, Bankrate senior economic analyst, via note.
Wage gains also exceeded expectations.
Hourly wages increased 0.5% for the month and 4.4% year-over-year.
Interest rates were recently raised by another quarter of a point.
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Markets have been hoping for slower economic data, in the hope that it will give the Fed space to cut rates.
Today’s jobs report has delivered the exact opposite, Seema Shah, chief global strategist at Principal Asset Management, via research note.
Federal Reserve Chairman Jerome Powell said, "excess demand in the labor market" could help to avoid a recession.
Avoiding a recession is, in my view, more likely than having a recession.
But I don’t rule that out either.
It’s possible that we have a mild recession, Jerome Powell, Federal Reserve Chairman, via statement
