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MNI BRIEF: US April Jobs Beats Expectations; Jobless Rate Dips


U.S. employers added 253,000 jobs in April, higher than analysts expected, as the unemployment rate sank to 3.4% again and wage growth picked up. Wall Street had forecast payrolls growth of 185,000, a jobless rate of 3.6% and average hourly earnings of 0.3%. AHE grew 0.5% last month, bringing the year-on-year rate a tenth higher to 4.4%.

Treasury yields fell and the U.S. dollar rallied on the data. Futures markets still expected to the Fed to hold rates steady at its June meeting.

April payrolls growth slowed from its average monthly gain of 290,000 over the past six months and employment in February and March were revised down by a combined 149,000. Hiring was led by professional and business services (+43k), health care (+40k) and leisure and hospitality (+31k) sectors.

As measured by the household survey, employment rose a slightly lower 139,000 last month. Both the labor force participation rate (62.6%) and the employment-population ratio (60.4%) were unchanged in April and remain below their pre-pandemic levels.

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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