US Adds 115,000 Jobs in April, Defying Expectations

The US labor market added a stronger-than-expected 115,000 jobs in April, according to data released by the US labor department on Friday. The unemployment rate remained unchanged at 4.3%, while hiring beat economists’ expectations of 65,000 new jobs.

The latest data suggests the US labor market has remained resilient even as the conflict in West Asia disrupted global oil supplies and pushed average US gasoline prices above $4.50 a gallon this week.

Healthcare companies added 37,000 jobs in April, while transportation and warehousing firms added 30,000 positions, according to the report. However, manufacturers cut 2,000 jobs during the month and have shed 66,000 jobs over the past year.

The stronger-than-expected jobs report is also expected to reduce pressure on the Federal Reserve to cut interest rates soon. The Fed will likely hold rates steady, focusing on bringing inflation back towards its 2% target before easing borrowing costs. The labor department will release its next employment report in June, which will provide further insight into the labor market's performance.