US employers continued hiring at a strong pace in April, adding 428,000 jobs as the unemployment rate held steady at 3.6%, close to its pre-pandemic low.
Hiring continued despite worries about the Federal Reserve’s plans to hike interest rates at their fastest pace in decades in an attempt to curb soaring inflation. April represented the 12th consecutive month of jobs gains above 400,000.
The Bureau of Labor Statistics said job growth was widespread, led by gains in leisure and hospitality, in manufacturing, and in transportation and warehousing.
Wages too are continuing to rise. Average hourly earnings rose by 10 cents, or 0.3%, to $31.85 in April. Over the past 12 months, average hourly earnings have increased by 5.5%, strong growth in comparison to recent years but still below the annual rate of inflation which reached 8.5% in March.
The US has now regained over 90% of the jobs lost at the height of the pandemic but disparities remain. In April the unemployment for Black workers was 5.9% and 4.1% for Hispanics compared to 3.2% for white workers. Some 10.2% of teenagers were out of work.
The news came after a dramatic sell-off on Wall Street on Thursday. The major US stock markets fell at their fastest rate this year as investors worried about the Fed’s plans to dampen rising prices by rising rates.
