Slowing American jobs market raises hopes of interest rate cut
The United States added far fewer jobs than anticipated last month, offering the latest sign of a cooldown in the world’s largest economy and raising market expectations that interest rates will be cut.
According to data from the US Bureau of Labor Statistics, the economy generated 175,000 jobs in April, well below Wall Street analysts’ expectations of a 243,000 increase.
The number of jobs created fell from 315,000 in March. Meanwhile, the unemployment rate crept up to 3.9 per cent from 3.8 per cent, above analysts’ forecasts. Wages increased by 0.2 per cent over the month to April, less than expected.
The figures suggest that businesses have reduced hiring, that more workers have become available for jobs and that high pay awards have become less
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