The Daily Money: U.S. adds 253,000 jobs

The jobs market is still strong even though interest rates continue to rise, banks are making it harder to borrow and many still expect a recession.

Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Fri May 5 2023 Charisse Jones |  Economic Opportunity Reporter Happy Friday! It's Charisse Jones with the Daily Money headlines to keep you in the know over the weekend. The jobs market is still strong even though  interest rates continue to rise, banks are making it harder to borrow, and many economists expect the country to experience at least a mild recession before the end of this year. Employers added 253,000 jobs last month and the unemployment rate dipped slightly from 3.5% to 3.4%, hitting a 54-year low, the Labor Department said Friday. Economists polled by Bloomberg had forecast that 180,000 jobs would be added in April. Still, last month's payroll gains were down from the average of 295,000 jobs added in the previous three months. And payroll increases in February and March were revised down by a total 149,000 signaling that the job market hasn't been as robust as previously believed. 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After First Republic's collapse this week, and a Bloomberg report that San Francisco-based PacWest Bancorp is considering a sale, concerns about banks loom. A recent study found that 186 more banks are at risk of failure even if only half of their uninsured depositors take out their funds. About the Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. You can follow USA TODAY reporter Charisse Jones on Twitter @charissejones and subscribe to our free Daily Money newsletter here for personal finance tips and business news every Monday Economy adds 253,000 jobs in April despite high interest rates, inflation Economy added 253,000 jobs in April amid high interest rates, credit crunch, jobs report shows. Unemployment fell to 3.4%. READ MORE Advertisement Higher food bills? You may soon pay more thanks to extreme weather Fruits, nuts and leafy greens will be scarcer and more expensive in the near term as farmers recover from extreme weather that affected their crops. READ MORE BMW recalls 90,000 vehicles due to 'dire' risk from defective airbags BMW models from 2000 through 2015 may be affected, the automaker said and vehicles that age, the risk to passengers is 'dire', NHTSA said. READ MORE Passkeys helps Google take step toward going password-free Google account holders can now start using passkeys instead of hard to remember passwords. READ MORE Close to 190 US banks could collapse, study says The Fed's aggressive interest rate hikes have eroded the value of bank assets such as government bonds and mortgage-backed securities. READ MORE Cinco de Mayo deals: Score discounted tacos, margaritas and more Many restaurants offer deals on Cinco de Mayo, which commemorates Mexico's victory over France in the Battle of Puebla in 1862. READ MORE What the regional banking crisis means for you and your money PacWest Bancorp's shares have plunged amid fears of a potential rush of withdrawals among regional banks. READ MORE Do boycotts work? What we learned from from Anheuser-Busch Boycotts can "definitely" have an impact on a company's public image, but experts say there is less evidence they have a long-term impact on revenue. READ MORE Former homeless woman wins $5 million on scratch-off ticket Lucia Forseth said she was homeless six years ago. Now, she's got $5 million after buying a California Lottery ticket at a Walmart in Pittsburg. READ MORE More than 120K bunk beds recalled because wooden support slats can break About 121,000 Walker Edison Furniture Twin Over Twin Bunk Beds sold by Walmart, Amazon and others are being recalled because support slats may break. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! 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