{"id":4568,"date":"2023-05-05T09:52:53","date_gmt":"2023-05-05T13:52:53","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/labor-market-adds-253000-unemployment-ticks-down-to-3-4\/"},"modified":"2023-05-05T09:52:54","modified_gmt":"2023-05-05T13:52:54","slug":"labor-market-adds-253000-unemployment-ticks-down-to-3-4","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4568","title":{"rendered":"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4%"},"content":{"rendered":"
\n

Topline<\/h2>\n

Despite major employers continuing to cut jobs, the Labor Department’s jobs report on Friday showed an unexpected rebound in employment\u2014coming in well above economist projections as the Federal Reserve gauges whether the economy is cooling enough to officially end its aggressive rate-hiking campaign.<\/p>\n

Key Facts<\/h2>\n
\n
\n

Total employment increased by 253,000 in April\u2014far exceeding economist expectations of 180,000 after growth in March marked the lowest monthly gain since December 2020, according to data released Friday by the Labor Department.<\/p>\n<\/p><\/div>\n

\n

The unemployment rate, meanwhile, ticked down to 3.4% from 3.5% in March\u2014matching a 54-year low hit in January and defying projections it would tick up to 3.6%.<\/p>\n<\/p><\/div>\n

\n

Wage growth also came in stronger than forecast, coming in at 4.4% year over year, versus projections of 4.2%, as hourly earnings rose 16 cents to $33.36.<\/p>\n<\/p><\/div>\n

\n

Not everything was positive: The Labor Department also revised data for the two prior months to show there were 149,000 fewer jobs added than previously believed in February and March.<\/p>\n<\/p><\/div>\n<\/div>\n

Key Background<\/h2>\n

Amid waves of layoffs hitting some of the nation\u2019s largest tech employers, the unemployment rate has ticked up from a 54-year low of 3.4% in January but remained near historically low levels. Layoffs, however, have since spread to other industries, with manufacturing giant 3M and Vice Media among those cutting thousands of jobs last month. On Thursday, outplacement firm Challenger, Gray & Christmas reported employers have cut roughly 337,000 jobs so far this year\u2014a 322% jump from the same period in 2022. In a statement, the firm’s Andrew Challenger noted retailers and consumer goods manufacturers, in particular, are preparing for tightening in consumer spending, as the Fed hikes interest rates (which tend to slow the economy) in an attempt to control inflation.<\/p>\n

<\/fbs-ad><\/p>\n

Tangent<\/h2>\n

The Fed continued its aggressive rate-hiking campaign on Wednesday, raising interest rates by another 25 basis points to a top level of 5.25%\u2014the highest since September 2007. Justifying the added pressure, officials noted job gains have been “robust in recent months,” while the unemployment rate has remained low. “The Fed\u2019s hope is to architect a soft landing, such that tighter monetary policy will reduce job openings without big increases in unemployment,” says First American economist Odeta Kushi. “That possibility is still on the table.” EY forecasts the rates could push the unemployment rate up to 4.5% by year\u2019s end\u2014reflecting some 1.5 million lost jobs.<\/p>\n

<\/h2>\n

Spring 2023 Layoff Tracker: Shopify Slashes 20% Of Staff (Forbes)<\/em><\/p>\n

Fed Raises Rates Another 25 Basis Points (Forbes)<\/em><\/p>\n

Dow Plunges 500 Points As More Bank Stocks Crash (Forbes)<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline Despite major employers continuing to cut jobs, the Labor Department’s jobs report on Friday showed an unexpected rebound in employment\u2014coming in well above economist projections as the Federal Reserve gauges whether the economy is cooling enough to officially end its aggressive rate-hiking campaign. Key Facts Total employment increased by 253,000 in April\u2014far exceeding economist […]<\/p>\n","protected":false},"author":1,"featured_media":4569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-4568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nLabor Market Adds 253,000, Unemployment Ticks Down To 3.4% | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Despite major employers continuing to cut jobs, the Labor Department's jobs report on Friday showed an unexpected rebound in employment\u2014coming in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=4568\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4% | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Topline Despite major employers continuing to cut jobs, the Labor Department's jobs report on Friday showed an unexpected rebound in employment\u2014coming in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=4568\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-05T13:52:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-05T13:52:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1683294773_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=4568#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=4568\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4%\",\"datePublished\":\"2023-05-05T13:52:53+00:00\",\"dateModified\":\"2023-05-05T13:52:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=4568\"},\"wordCount\":419,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=4568#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=4568\",\"url\":\"https:\/\/ifintechworld.com\/?p=4568\",\"name\":\"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4% | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-05T13:52:53+00:00\",\"dateModified\":\"2023-05-05T13:52:54+00:00\",\"description\":\"Topline Despite major employers continuing to cut jobs, the Labor Department's jobs report on Friday showed an unexpected rebound in employment\u2014coming in\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=4568#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=4568\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=4568#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4%\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4% | iFintechWorld","description":"Topline Despite major employers continuing to cut jobs, the Labor Department's jobs report on Friday showed an unexpected rebound in employment\u2014coming in","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=4568","og_locale":"en_US","og_type":"article","og_title":"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4% | iFintechWorld","og_description":"Topline Despite major employers continuing to cut jobs, the Labor Department's jobs report on Friday showed an unexpected rebound in employment\u2014coming in","og_url":"https:\/\/ifintechworld.com\/?p=4568","og_site_name":"iFintechWorld","article_published_time":"2023-05-05T13:52:53+00:00","article_modified_time":"2023-05-05T13:52:54+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1683294773_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=4568#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=4568"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4%","datePublished":"2023-05-05T13:52:53+00:00","dateModified":"2023-05-05T13:52:54+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=4568"},"wordCount":419,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=4568#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=4568","url":"https:\/\/ifintechworld.com\/?p=4568","name":"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4% | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-05T13:52:53+00:00","dateModified":"2023-05-05T13:52:54+00:00","description":"Topline Despite major employers continuing to cut jobs, the Labor Department's jobs report on Friday showed an unexpected rebound in employment\u2014coming in","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=4568#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=4568"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=4568#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Labor Market Adds 253,000, Unemployment Ticks Down To 3.4%"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/4568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4568"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/4568\/revisions"}],"predecessor-version":[{"id":4570,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/4568\/revisions\/4570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/4569"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}