US economy adds 175K jobs in April, much weaker than expected

U.S. job growth slowed sharply in April while the unemployment rate unexpectedly rose, a sign that high interest rates and stubborn inflation are starting to weigh on the labor market.

Employers added 175,000 jobs in April, the Labor Department said in its monthly payroll report released Friday, missing the 243,000 gain forecast by LSEG economists. It marked the worst month for job creation since October. The unemployment rate, meanwhile, inched higher to 3.9%.