HomeTop U.S. NewsU.S. Job Gains Reach Lowest Level in 6 Months, Unemployment Rate on...

U.S. Job Gains Reach Lowest Level in 6 Months, Unemployment Rate on the Rise

The U.S. job market is facing an unexpected shift compared to the start of 2024. A recent report from the Bureau of Labor Statistics shows that U.S. employers added fewer jobs in April while the unemployment rate saw a rise.

According to the report, the total nonfarm payroll employment increased by 175,000 last month compared to 240,000 estimated by Dow Jones. This represents a steep decline compared to March, when 315,000 jobs were added, dwarfing the expected gain of 205,000.

The expectations were that the unemployment rate would remain steady at 3.8%, but April brought an uptick to 3.9%. Additionally, the wage gains also didn’t fare as estimated, rising 0.2% from March and 3.9% compared to the same period in 2023.

The cooldown of the job market is something that the Federal Reserve will likely look at as a sign that their interest rate policies are producing the desired results. With a slower labor market, the Fed will come closer to its goal of taming inflation and bringing it to 2%.

“Demand is still strong — the demand side of the labor market, in particular,” Federal Reserve Chair Jerome Powell said earlier this week. “But it’s cooled from its extremely high level of a couple of years ago.”

Chemical Giant DuPont Will Split in 3 Companies, Replace CEO Ed Breen

Chemical giant DuPont is heading towards some major changes. The company announced on Wednesday that it will be splitting into three separate companies while...

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...