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Labor Department statistics show that the US economy has created 245,500 jobs every month on average so far this year.
With only 175,000 new jobs created in April, US employment growth slowed significantly last month, according to figures released on Friday by the Bureau of Labor Statistics.
The Federal Reserve has attempted to cool demand in order to control excessive inflation, which has resulted in slower-than-expected growth in April, the lowest since October of last year.
Due to the pressure of high interest rates, economists had predicted a gradual slowdown in the job market.
The news caused markets to soar; Dow futures increased by 505 points, or 1.3%; S&P 500 futures increased by 1.1%; and Nasdaq futures increased by 1.5%.
Despite being significantly lower than the upwardly revised 315,000 increases recorded in March, April’s job numbers remain consistent with pre-pandemic levels and the neutral rate of job creation required to keep up with population growth. The ten years preceding the pandemic, which coincided with the biggest stretch of employment growth in the country’s history, saw an average of 183,000 new jobs added each month.
