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The U.S. Labor Department’s most recent jobs report showed that the country added 428,000 jobs in April, showing that job growth has remained consistent despite economic roadblocks.
Defying Dow Jones forecasts of 400,000 new jobs, the report showed that the hiring rate kept unemployment levels at 3.6%, which is near the lowest level seen in 50 years. It is also 2.4 points lower than levels seen in March 2021.
This week, the Federal Reserve increased its key rate by half-percentage point, which could indicate more hikes in the future. However, Fed chair Jerome Powell suggested that future hikes would not be more than a half-percentage.
By doing so, the bank hopes that consumer spending, business loans, and worker demand will mellow. However, if borrowing continues to rise, some analysts warn that a recession and decrease of job growth could be on the horizon.
In recent months, the country has seen record-high inflation, chain supply challenges, and wars that have driven costs higher.
“Today’s report is balanced and may prove to dampen the extreme volatility of recent days,” said John Lynch, the chief investment officer for Comerica Wealth Management in Charlotte. “We’re still not out of the woods, yet a clearing is visible.”
