The US economy added a stronger-than-expected 115,000 jobs last month and the unemployment rate stayed at 4.3%, an indication of resilience at a time when war and high gas prices loom large.
April’s employment gains mark an expected retreat from March, when a revised 185,000 jobs were created, boosted by factors such as the end of large labor strikes as well as favorable weather, according to Bureau of Labor Statistics data released Friday.
However, the job growth seen last month was much stronger than the 65,000 that economists had estimated. No change in the unemployment rate was anticipated as factors such as aging demographics, an immigration slowdown and technology adoption have contributed to a slower-moving jobs market.
White House National Economic Council director Kevin Hassett touted the better-than-expected jobs numbers in an interview Friday, saying April’s job market gains represent “absolutely blockbuster numbers,” in an interview with Fox News. However, he acknowledged steep headwinds for the economy as the war with Iran trudges on, with gas prices still hovering nationally at $4.55 a gallon Friday.
However, economists cautioned that the solid-looking topline employment numbers mask underlying weakness in the labor market.
