USA

US April Unemployment Fell

FILE: A hiring sign is displayed at a restaurant in Prospect Heights, Illinois, April 4, 2023.

WASHINGTON - Hiring in the United States picked up pace in April and the unemployment rate inched down, according to government data released Friday, defying expectations of a slowdown despite higher interest rates.

The United States added 253,000 jobs last month, up from a revised 165,000 number in March, while the jobless rate ticked down to 3.4 percent, said the Labor Department.

"Employment continued to trend up in professional and business services, health care, leisure and hospitality, and social assistance," the department said in a statement.

Average hourly earnings rose 0.5 percent to $33.36, data showed, and compared with a year ago, the figure is up 4.4 percent.

The latest figures show that the labor market remains strong despite banking sector upheaval, higher borrowing costs and uncertainty surrounding a potential government default.

Analysts originally expected hiring to ease to the slowest pace in over two years, closely eyeing the job market for signs that the economy is cooling enough for the central bank to pause its cycle of rate increases.