Job growth fared better than expected in April despite bank turmoil and a decelerating economy, the Labor Department reported Friday.
Nonfarm payrolls increased 253,000 for the month, beating Wall Street estimates for growth of 180,000, according to the Bureau of Labor Statistics.
The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969.
Average hourly earnings, a key inflation barometer, rose 0.5% for the month, more than the 0.3% estimate. On an annual basis, wages increased 4.4%, higher than the expectation for a 4.2% gain.
Professional and business services led the job gains with an increase of 43,000. That was followed by health care (40,000), leisure and hospitality (31,000) and social assistance (25,000).
Despite serious banking industry troubles, jobs in finance increased by 23,000. Government hiring rose by 23,000.
April’s upside surprise was offset by sharp downward revisions in previous months. March’s count was slashed to 165,000, down 71,000 from the initial estimate, while February fell to 248,000, a reduction of 78,000.
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