Job growth in the labor market continued to defy recession concerns with the addition of 253,000 jobs in April — 230,000 in the private sector and 23,000 in the public sector. The unemployment rate returned to 3.4% to match January’s rate, the lowest it’s been since the 60s. Job openings continue to soften, dropping to 9.5M job openings, though still 44% higher than pre-pandemic levels.
April’s labor force participation rate remained unchanged at 62.6%. The unemployment rate decreased to an extremely low 3.4%, as strong job growth in the labor market coupled with little change in the labor force allowed those looking for work to find it.
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