US jobs data beats expectations for second month in a row
Summary
The US economy added 115,000 jobs in April, exceeding expectations despite tensions related to the Iran conflict. The unemployment rate stayed steady at 4.3%, and job gains were strong in retail and transportation sectors.Key Facts
- The US created 115,000 jobs in April, nearly double what economists predicted.
- The unemployment rate remained unchanged at 4.3%.
- Strikes on Iran led to the closure of the Strait of Hormuz, causing higher gasoline prices.
- Job numbers fluctuated in recent months: a drop of 156,000 jobs in February, then a rise of 185,000 in March.
- Job growth over the last three months averaged 48,000 per month, matching the number needed to keep up with new workers.
- Strong job gains were seen in retail, transportation, and warehousing sectors.
- Wage growth was slow, and fewer working-age people were seeking jobs.
- Some economists expect job growth to slow and unemployment to rise to 4.7% by year-end, possibly leading to interest rate cuts by the Federal Reserve in December.
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