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US adds a strong 253,000 jobs despite Fed’s rate hikes

May 5, 2023


America’s employers added a healthy 253,000 jobs in April, evidence of a labor market that still shows surprising resilience despite rising interest rates, chronically high inflation and a banking crisis that could weaken the economy.

The unemployment rate dipped to 3.4%, matching a 54-year low, the Labor Department said Friday. But the jobless rate fell in part because 43,000 people left the labor force, the first drop since November, and were no longer counted as unemployed.

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