US added 428,000 jobs in April despite surging inflation
WASHINGTON (AP) — America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.
Last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century.
Employers have added at least 400,000 jobs for 12 straight months. Still, the job growth, along with steady wage gains, will help fuel consumer spending and likely keep the Federal Reserve on track to raise borrowing rates sharply to fight inflation.
That would lead to increasingly heavy borrowing costs for consumers and businesses.
Higher loan rates could also weigh down corporate profits.