The U.S. Department of Labor has released its long-awaited Jobs Report.
The Federal Reserve had investors on high alert for much of an unknown April as indicators pointed toward a rate hike.
As we reported earlier this week, those fears were slightly unfounded on the trading floor of Wall St. The Fed did not in fact raise rates but released positive messaging forecasting a much-improved stance on inflation, and the stock market put on a strong display.
The Fed hopes to bring inflation down to 2%, so the rate sitting above 3% has cautioned the men in the decision-making corridors of power to hold off on any rate cuts.
U.S. Job Report
The U.S. jobs report has a massive impact on Wall Street, the investment domain, and the rate of commercial goods. U.S. Acting Secretary of Labor Julie Su released the long-awaited report today.
She said, “Today, the Bureau of Labor Statistics reported that the American economy added 175,000 jobs in April, and the unemployment rate was 3.9 percent. This continues the longest stretch of such low unemployment in more than a half-century.”
We reported the findings of the Consumer Confidence Report that was generated with the thoughts of 36 million Americans. The Conference Board would show that there was a less than favorable outlook to the jobs market for those looking for employment, but those in employment were happy with the conditions presented by employers.
Su continued, “Notably, the share of working-age women in the labor force rose to a historic high of 78 percent. This is the highest rate since we began tracking the data in 1948, and it is a welcome sign after the devastating effects that COVID-19 had on working women. Overall, the labor force participation rate among prime-age workers continues to outpace its pre-pandemic levels.”
This is good news for a job sector still wearing the scars of that difficult period for all Americans. Putting this rocky patch behind the U.S. people has been an uphill struggle for a lot of economic factors.
The war in the Middle East had also added to tensions, as we reported that it could have cost Americans on a daily basis. The World Bank had cautioned Wall Street that if there was a global oil shortage, then it would be felt in the pockets of the blue-collar workers with oil possibly hitting a high of $100 dollars a barrel.
Unemployed Americans would have struggled with that news due to a poor economic report on job prospects.
They will be happy to know that Su’s report concluded on a bright and forward-thinking note. She finalized her statement, saying, “Once again, this report shows steady, stable economic growth under President Biden, and those gains are broadly felt across industries and among a diverse cross-section of America’s workers. The Biden-Harris administration will continue to work to ensure that our economy doesn’t just return to pre-pandemic norms and grows equitably, where all of America’s workers can gain real security and opportunity.”
[Related: Fed’s warning stirs stagflation concerns]
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