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US hiring slows more than expected, unemployment edges up
U.S. job growth slowed more than expected in April
Representative Image / Pixabay
US job growth slowed more than analysts anticipated in April while unemployment crept up, government data showed May.3, signaling that the labor market is cooling though still relatively resilient.
Hiring in the world's biggest economy came in at 175,000 last month, down from March's 315,000 figure, which was revised upwards, said the Department of Labor.
The unemployment rate edged slightly higher from 3.8 percent in March to 3.9 percent last month.
While hiring has decelerated, the number of jobs added in April remains well above 100,000—the average level that some economists say is needed to keep the unemployment rate steady.
In April, wage growth came in at 0.2 percent—from 0.3 percent in March—on a monthly basis, according to the Labor Department.
Apart from an easing in hiring figures, policymakers are also looking to a cooldown in pay gains as they seek to bring inflation lower.
From a year ago, average hourly earnings were 3.9 percent higher in April.
A solid labor market has helped to prop up consumption and economic growth despite higher interest rates, which typically makes borrowing more expensive for households and businesses.
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