The April jobs report was another upward surprise, with 253,000 jobs added and unemployment down to 3.4%, even lower than the 3.6% in April 2022, the lowest on record since April 1969, and not what the Federal Reserve is seeking. Last month also saw a 0.2% increase in average real hourly wages.

That is more grist for the Fed’s future interest rate hike mill. But there is also data from these reports that suggest things aren’t as inflationary as they might seem on the surface.

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Erik Sherman

GlobeSt

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