US adds 175,000 April jobs as hiring slows and unemployment stays steady

April's figure was lower than forecast and unemployment rate ticked up over the month but still market remains strong

Hiring in the US slowed in April with the workforce adding another 175,000 jobs and wage growth slowing.

The news cheered investors hoping that a cooling labor market will prompt the Federal Reserve to cut interest rates - which have been driven to a 20-year high as the US fights stubbornly high inflation. All the major US markets rose on the news.