U.S. employers added 187,000 jobs last month, fewer than expected, as the higher interest rates continued to weigh on the economy. But the unemployment rate dipped to 3.5% in a sign that the job market remains resilient.
U.S. employers added 187,000 jobs last month, fewer than expected, as the higher interest rates continued to weigh on the economy. But the unemployment rate dipped to 3.5% in a sign that the job market remains resilient.
Still last month’s hiring was solid, considering that the Federal Reserve has raised its benchmark interest 11 times since March 2022. And the Fed’s inflation fighters will welcome news that more Americans entered the job market last month, easing pressure on employers to raise wages to attract and keep staff.
“This is a good strong report,” said Julia Pollak, chief economist at the jobs website ZipRecruiter. ”The worst fears that people had of a painful downturn, a loss of jobs, longer unemployment durations, all those things — those are not coming to pass.
