BREAKING: Labor Market Stays Hot Despite Fed’s Best Efforts

The U.S. added 253,000 jobs in April, significantly more than economists expected, as the unemployment rate ticked slightly down to 3.4%, according to Bureau of Labor Statistics (BLS) data released Friday, despite the Federal Reserve’s attempts to cool the labor market to bring down inflation. Economists had anticipated the country would add 180,000 jobs compared to 236,000 in March, and that unemployment would jump from 3.5% to 3.6%, according to Reuters. Federal Reserve Chair Jerome Powell said he thinks there is a chance the U.S. can avoid a recession in a press conference following the Federal Open Market Committee (FOMC) meeting, and decision to hike rates by a quarter point on Wednesday. At 3.4%, the unemployment rate changed little in April and remained in the range of 3.4%-3.7% since March 2022; growth was led by 43,000 jobs added in the professional and business sector, according to the BLS. Health care employment was also a major contributor to job growth, with 40,000 jobs added. The BLS data closely follows private payroll firm ADP’s surprisingly strong report, showing that jobs increased by an estimated 296,000 in April, led by a gain of 154,000 in the leisure and hospitality sector. (RELATED: ‘The US Economy Is Unwell’: Wall Street Bigwigs Pour Cold Water On Biden’s Economic Optimism) “The labor market recession has not yet arrived,” E.J. Antoni, research fellow for Regional Economics at the Heritage Foundation’s Center for Data Analysis, told the Daily Caller News Foundation. “A plethora of survey data both from public sources, like regional federal reserve banks, and private sources show continued job growth. “The data also are consistently showing deterioration in real wage growth,” Antoni added. “Consumers are getting desperate in the face of stubbornly high inflation and are taking any job they can to cover expenses.” Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, DC, on May 3, 2023. – The Fed has been on an aggressive campaign of interest-rate hikes since March last year, rapidly raising rates to help target high inflation, which remains above its long-term target of two percent. (Photo by SAUL LOEB/AFP via Getty Images) Powell left several options open for the Fed’s decision on interest rates after the next FOMC meeting in June, saying it would depend on the data. “We remain committed to bringing inflation back down to our 2% goal and to keep our longer-term inflation expectations well-anchored,” he added. “Reducing inflation is likely to require a period of below-trend growth and some softening of labor market conditions.” The U.S. economy slowed more than anticipated to 1.1% in the first quarter of 2023, according to the Bureau of Economic Analysis (BEA). All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org. 05 May 2023 [View in Browser]( [Labor Market Stays Hot Despite Fed’s Best Efforts]( [Labor Market Stays Hot Despite Fed’s Best Efforts]( [Read more →]( [Feedback]( [Unsubscribe]( [About Us]( 2020 THE DAILY CALLER INC. 1775 EYE ST, NW STE 1150-290 WASHINGTON, DC 20006 ALL RIGHTS RESERVED.