Breitbart By JOHN CARNEY
The U.S. economy added 253,000Â jobs in April and the unemployment rate fell to 3.4 percent, the Labor Department said Friday.
Economists had forecast employers would grow payrolls by 178,000, a downturn from the preliminary March estimate of 236,000. The unemployment rate was expected to pick up to 3.6 percent from 3.5 percent.
The March estimate was revised down to 165,000.
The labor market has been stronger than expected for several months, defying expectations that interest rate increases would push unemployment up. The Federal Reserve has been trying to cool off demand for workers as part of its efforts to bring inflation back down to its two percent target. On Wednesday, the Fed raised its benchmark interest rate to a range of five percent to 5.25 percent and signaled it could pause rate hikes at subsequent meetings.
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