US hiring was likely strong again in April despite inflation

WASHINGTON (AP) — For the past year, America's job market has run like a well-engineered machine, adding an impressive average of 540,000 workers a month despite a punishing inflation rate, Russia's ruinous war against Ukraine, a still-risky pandemic, jittery financial markets and the prospect of much higher borrowing costs.

Hiring gains have topped 400,000 every month since May 2021.

And most economists think the winning streak has continued: According to a survey by the data firm FactSet, they expect Friday’s jobs report for April to show that employers added 400,000 more jobs last month. They have also forecast that the unemployment rate remained at 3.6%, a notch above a half-century low that was reached shortly before the pandemic struck two years ago.

The resilience of the job market is particularly striking when set against the backdrop of galloping price increases, rising borrowing costs and widespread fear that the Federal Reserve's sharp interest rate hikes will eventually trigger a recession.

“The labor market remains in solid shape as the spring quarter begins,’’ said Stuart Hoffman, senior economic adviser at PNC Financial. “Demand for labor is very strong ... Firms are competing for workers and bidding up wages.’’

This week, the Labor Department provided further evidence that the job market is still booming. It reported that only 1.38 million Americans were collecting traditional unemployment benefits, the fewest since 1970. And it said that employers posted a record-high 11.5 million job openings in March and that layoffs remained well below pre-pandemic levels.

What's more, the economy now has, on average, two available jobs for every unemployed person. That's the highest such proportion on record.

And in yet another sign that workers are enjoying...