Despite the Fed’s series of interest rate hikes, the US job market is still booming. In April, 253,000 new jobs outside of agriculture were added, as the government in Washington announced on Friday. However, the increase in jobs in March was not as strong as originally reported, the figure was corrected from 236,000 to 165,000. The separately determined unemployment rate also fell from 3.5 to 3.4 percent in April. “It cannot be denied that the labor market is still very tight,” said Commerzbank economists Christoph Balz and Bernd Weidensteiner. In this way, significantly more jobs would continue to be created as new people entered the labor market: “Accordingly, the unemployment rate has fallen again – it was last lower in 1953.”
US Unemployment Rate at Lowest Level Since 1953 – Economy
