US Hiring Slows More Than Expected In Sign Of Cooler Market

US job growth was markedly below analyst expectations in April while unemployment crept up, government data showed Friday, signaling that the labor market is cooling

Washington, (UrduPoint / Pakistan Point News - 3rd May, 2024) US job growth was markedly below analyst expectations in April while unemployment crept up, government data showed Friday, signaling that the labor market is cooling.

But with the world's biggest economy adding 175,000 jobs last month according to the Department of Labor, hiring appears still resilient despite the lower reading than 315,000 in March.

Analysts had expected growth of 250,000 jobs, according to Briefing.com.

The jobless rate edged slightly higher from 3.8 percent in March to 3.9 percent last month.

"The great American comeback continues," said US President Joe Biden. He noted that unemployment has been under four percent for 27 months in a row.

But "there's more work to do," he said, adding that he wants to lower the costs of rent and homeownership, and make healthcare more affordable.

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.

The latest figures could prove encouraging for policymakers looking to cool the economy gradually.

Apart from an easing in hiring figures, officials are also looking to a slowdown in pay gains as they seek to bring inflation lower in the long run.

In April, wage growth came in at 0.2 percent on a monthly basis from 0.3 percent in March, Labor Department data showed.

From a year ago, average hourly earnings were 3.9 percent higher in April -- slipping below 4.0 percent for the first time since 2021.