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WASHINGTON (AP) — One economist says today's unemployment report makes it much less likely that the Federal Reserve will raise interest rates between now and the presidential election in November.
The government says employers added 160,000 jobs in April, the lowest number in seven months.
Chris Williamson of Markit says the numbers add to the indications that economic weakness is lingering into the second quarter of the year.
Fed policy makers had earlier indicated that they could raise rates twice this year.
Despite the slowdown in job creation, the government's report pointed to a U.S. job market that continues to generate steady hiring and to outperform those of most other major countries. And April's slower job growth might not signal a sustained pullback. Hiring slumped as recently as January only to snap back in the following months.
Worker pay also showed signs of picking up. Average hourly pay rose 2.5 percent in April from a year earlier, above the sluggish 2 percent annual pace that has been typical for the past six years.
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174-a-07-(Mark Zandi, chief economist, Moody's Analytics, in AP interview)-"tightening. That's coming"-Moody's Analytics chief economist Mark Zandi says the April numbers might keep the Fed from raising rates next month. (6 May 2016)
<<CUT *174 (05/06/16)££ 00:07 "tightening. That's coming"
172-a-06-(Mark Zandi, chief economist, Moody's Analytics, in AP interview)-"much into it"-Moody's Analytics chief economist Mark Zandi says he's not concerned about employers pulling back on hiring last month, because other signs were good. (6 May 2016)
<<CUT *172 (05/06/16)££ 00:06 "much into it"
APPHOTO NYBZ560: In this Wednesday, March 30, 2016, photo, recruiters speak to attendees at a job fair in Pittsburgh. On Friday, May 6, 2016, the U.S. government issues the April jobs report. (AP Photo/Keith Srakocic) (1 Apr 2016)
<<APPHOTO NYBZ560 (04/01/16)££
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