US Economy Added 253,000 Jobs in April, Beating Expectations

The U.S. economy added 253,000 jobs in April and the unemployment rate was 3.4%, according to the Bureau of Labor Statistics.

The Details: Both numbers beat economists' predictions; they expected the economy to add roughly 180,000 jobs, and unemployment to be at 3.6%. Unemployment is back at its lowest rate since 1969. Both the labor force participation rate (62.6%) and the employment-population ratio (60.4%) were unchanged in April. Industries with the biggest monthly job gains were professional and business services (43,000); professional, scientific, and technical services (45,000), and healthcare (40,000).

For Context: The labor market continues to grow despite continuous interest rate hikes, GDP growth slowing in Q1, and recent bank failures.

How the Media Covered It: Fox Business (Lean Right bias) said the "labor market remained surprisingly resilient." Axios (Lean Left) said the market "continued to boom last month, the latest sign that the economy has strong momentum despite recent bank failures." CNBC (Center) said "Job growth fared better than expected in April despite bank turmoil and a decelerating economy."