The labor market showed resiliency in April despite the Federal Reserve driving up interest rates in an attempt to stave off inflation .
and tightening its monetary policy to combat blistering inflation. The central bank increased rates by a quarter percentage point in March and then took the even more aggressive step of hiking rates by a half percentage point in May.
Wednesday’s report also showed that the rate of people quitting their jobs was little changed from the month before. “As companies try to retain workers, they are also loath to let them go; the layoff rate was at a series low in April,” said Indeed Hiring Lab Director of Economic Research Nick Bunker. “Workers are having their moment in the sun, but some clouds are likely to come along and darken the outlook.”
Some economists fear the Fed will knock the economy into a recession, although most forecasters predict that the second quarter of this year will see robust growth, although many have revised down their forecast of GDP growth as of late.
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