05/06/2022

Manufacturing, Restaurants Fuel Strong U.S. Job Growth in April

The broad increase in hiring was led by the leisure and hospitality sector

U.S. job growth increased more than expected in April amid strong hiring in manufacturing as well as the leisure and hospitality industry, underscoring the economy's strong fundamentals despite a drop in output in the first quarter.

Though the Labor Department's closely watched employment report on Friday showed a moderation in wage gains last month, wage pressures are likely to continue to build amid record job openings. About 363,000 people left the labor force in April.

The economy contracted last quarter under the weight of a record trade deficit. The Federal Reserve is trying to tighten monetary policy to bring down inflation without tipping the economy into recession.

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