America In Focus: Jobs and a solid showing by big companies dominated news on the economic front
The U.S. added 115,000 jobs in April despite economic uncertainty from the Iran war, with healthcare and retail sectors leading growth while manufacturing cut jobs. Mortgage rates rose to 6.37%, jobless claims climbed slightly to 200,000, and job openings remained steady at 6.87 million, though hiring showed improvement before the war’s full impact hit the economy.
The U.S. economy showed mixed but resilient signs this week, with employers adding 115,000 jobs in April, exceeding expectations of 65,000 but slowing from March’s 185,000. The unemployment rate held steady at 4.3%, while healthcare and retail sectors gained 37,000 and 22,000 jobs respectively. However, manufacturers reduced payrolls by 2,000, marking a 66,000 decline over the past year despite protectionist policies under former President Donald Trump. Meanwhile, the average 30-year fixed mortgage rate increased to 6.37% from 6.3% the prior week, reflecting bond market volatility and inflation concerns tied to surging oil prices amid the Iran war. This marks the second consecutive weekly rise, reversing a four-week decline. Weekly jobless claims rose by 10,000 to 200,000, though levels remain historically low, signaling a tight labor market despite economic headwinds. The Labor Department reported the previous week’s claims were revised up to 190,000, the fewest since 1969. Job openings held steady at 6.87 million in March, down slightly from February’s 6.92 million, while hiring improved to 5.55 million—its highest since February 2024. Layoffs rose, but increased voluntary quits suggested worker confidence. The Iran war, which began February 28, has introduced uncertainty, complicating economic and hiring outlooks.
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