Speed Reads

'steady progress'

U.S. economy adds 428,000 jobs in April

Amid inflation concerns, the U.S. economy added more jobs last month than expected. 

The Labor Department said Friday the U.S. added 428,000 jobs in April, more than the roughly 400,000 that experts were predicting, according to CNBC. The unemployment rate stayed at 3.6 percent.

"Job growth was widespread, led by gains in leisure and hospitality, in manufacturing, and in transportation and warehousing," the Bureau of Labor Statistics said

Last month, the Labor Department said 431,000 jobs were added in March, though this number was revised down on Friday to 428,000. 

Friday's solid report came despite concerns about rising inflation, and it was released in the wake of U.S. gross domestic product contracting 1.4 percent in the first quarter of 2022. That made this the worst quarter since the start of the pandemic. 

Friday's jobs report, though, showed the "job market is making steady progress," said Glassdoor senior economist Daniel Zhao said

"Despite some indicators of cooling in April like the declining labor force participation rate and slowing wage growth, the job market is still nearing key recovery milestones as the unemployment rate reaches pre-pandemic levels and payroll employment is on track for a full recovery this summer," Zhao said.