U.S. labor market booms in April, adding 253,000 jobs

The labor market added 253,000 payrolls in April, while the unemployment rate dipped to 3.4% — a historically low level.

Why it matters: Job growth continued to boom last month, the latest sign that economy has strong momentum despite recent bank failures.

Economists expected a gain of 185,000 jobs last month.

Details: The April job figures are a pickup from the 165,000 jobs added the previous month, which were revised down by 71,000, the Labor Department said on Friday.

The Labor Department said that jobs growth in the previous two months was lower than first estimated: jobs growth was revised down by a combined 149,000 for February and March.

The big picture: In recent months, more Americans have joined the workforce, helping to ease labor force shortages.

The labor force participation rate — or the share of workers employed or looking for work — held at 62.6% in April.