U.S Adds A Strong 253K Jobs Despite Fed’s Rate Hikes

WASHINGTON (AP) — America’s employers added a healthy 253,000 jobs in April, evidence of a labor market that still shows surprising strength despite rising interest rates, chronically high inflation and a banking crisis that could weaken the economy. The unemployment rate dipped to 3.4%, matching a 54-year low. But the jobless rate fell in part because 43,000 people left the labor force, the first drop since November, and were no longer counted as unemployed. The government said that while hiring was solid in April, it was much weaker in February and March than it had previously estimated. And hourly wages rose last month at the fastest pace since July, which may alarm the inflation fighters at the Federal Reserve.