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The US labor market continues to tick along at a healthy pace, adding over a quarter of a million jobs in April despite turmoil in the banking sector and further efforts by the Federal Reserve to slow the economy.
The Labor Department said on Friday that over 253,000 jobs were added to the economy last month, with the unemployment rate matching a 54-year low of 3.4% as employers continued to hire in the face of choppy economic waters.
That said, the department noted the jobless rate had declined partly because of the departure of 43,000 people from the labor force, while hiring in February and March was downgraded to a much lower figure than initially projected. New updates for jobs added in those months saw a combined 149,000 wiped off previous estimates.
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