Hiring Slows and Unemployment Steady As U.S. Adds 175,000 Jobs

(VitalNews.org) – Hiring in the United States slowed in April as the workforce added almost two hundred thousand more jobs. Investors were happy to hear the numbers from April and they hope this will help to cool the labor market and prepare for the Federal Reserve to cut interest rates.

Interest rates are at an all-time high right now in the United States, and all of the major markets rose with interest rates. The United States added over three hundred thousand jobs in March, which is higher than the one hundred and ninety thousand jobs economists predicted. The unemployment rate has been below four percent and despite moving a few point percentages, it’s stayed relatively the same.

The growth in job markets is steady despite the Federal Reserve maintaining its current rates. They have said this week that inflation remained high and they wouldn’t make any rate cuts until they were more confident in the price increase getting to their desired two percent. Jerome Powell, Federal Reserve chairman, said that it’s taking longer than expected but that they do expect inflation to lower back down this year.

Steve Rick, a chief economist at TruStage, spoke out, saying, “Despite missing expectations, signaling an economic cooldown, the labor market has still maintained a pattern of growth, and consumers can be cautiously optimistic that the Fed will be able to successfully lower inflation while also avoiding a recession.”

Economists say that people can be optimistic about an economic cooldown and that the Federal Reserve will be able to lower rates while avoiding a recession.

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