finance
U.S. Nonfarm Payrolls Rise 115,000 in April
U.S. employers added 115,000 nonfarm jobs in April, exceeding economists' expectations of 65,000 but falling short of the previous month's revised total. The unemployment rate held steady at 4.3 percent while wage growth moderated. Private payrolls increased by 123,000 and government payrolls declined.
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U.S. employers added 115,000 nonfarm jobs in April, according to data released on Friday. The gain topped forecasts of 65,000 but came in below the prior month's revised reading of 185,000. The unemployment rate remained at 4.3 percent, matching both economists' expectations and the prior month's level.
Average hourly earnings rose 0.2 percent from the previous month, below the forecast of 0.3 percent. On a year-over-year basis, wage growth stood at 3.6 percent, compared with an estimate of 3.8 percent. Private payrolls increased by 123,000 in April, above the expected 75,000 but below the revised March gain of 190,000.
Manufacturing payrolls fell by 2,000, missing forecasts for a gain of 3,000. Government payrolls declined by 8,000, the same pace as the prior month.
The moderation in average hourly earnings follows a series of stronger readings earlier in the year. Year-over-year wage growth slowed from a revised 3.4 percent in March. The data provide a mixed picture of labor market momentum heading into the second quarter.
The figures come as policymakers monitor the balance between job creation and inflation pressures. The report incorporates revisions to prior months that lowered the three-month average pace of job growth.
