US Adds 115K Jobs in April, Double What Experts Expected

American businesses are still betting on growth, adding 115,000 jobs in April even as global energy shocks tested consumer confidence.

The number nearly doubled what economists expected, according to the US Bureau of Labor Statistics. Unemployment held steady at 4.3%, showing the job market remains stable despite choppy conditions.

The strong hiring came during a challenging month for the economy. The closure of the Strait of Hormuz after US and Israeli strikes on Iran pushed gasoline prices higher, putting pressure on household budgets.

But businesses kept their doors open and their hiring signs up. Retail stores and transportation companies led the way, adding workers even as customers felt the pinch at the pump.

The jobs report caps three months of wild swings. February saw 156,000 jobs disappear, then March bounced back with 185,000 new positions added.

Over the past three months, the economy has averaged 48,000 new jobs monthly. That matches what economists call the breakeven rate, the sweet spot where enough jobs are created to absorb new workers entering the workforce without overheating.

The Bright Side

What makes this data particularly encouraging is where the jobs appeared. Strong hiring in retail and warehousing suggests Americans are still spending despite higher costs.

"Both give relatively positive signals about the health of discretionary spending," said Thomas Ryan, an economist at Capital Economics. Even with pricier gas, people are buying the things they want, not just what they need.

Wall Street noticed. The S&P 500 rose 0.8% as investors gained confidence in the economy's ability to weather storms.

Some economists predict hiring will slow later this year, with unemployment possibly ticking up to 4.7% by December. But right now, the labor market shows Americans going to work, earning paychecks, and keeping the economy moving forward despite global uncertainty.