The #USA_economy added fewer #jobs than anticipated in April, but the overall employment picture remained relatively tight, potentially impacting when #markets expect the Federal Reserve to roll out possible interest rate reductions this year.
The Labor Department’s closely-monitored labor market report showed that nonfarm #payrolls came in at 175,000 last month, down from an upwardly revised total of 315,000 in #March. Economists had predicted a reading of 238,000.
Meanwhile, the unemployment rate was 3.9%, accelerating slightly from 3.8% in the prior month. The figure was projected to equal March’s pace. However, it marked the 27th consecutive month that the #jobless rate has been below 4%.
Growth in average hourly wages also registered 0.2% month-on-month, slowing from 0.3% in March. The number was estimated to be in line with the previous month.
Cooling labor demand has been a key goal of a rate tightening cycle by the #Fed, with policymakers hoping that the softening may alleviate upward pressure on inflation. As such, recent resilience in the #job market has partly persuaded Fed officials to shy away from interest rate reductions that were initially expected earlier this year.
On Wednesday, #Fed Chair Jerome #Powell noted that while sticky inflation has dented chances of an imminent cut, it was “unlikely” that the central bank will once again hike borrowing costs.
#USA_stock futures were pointing higher in the wake of Friday’s data, while U.S. Treasury yields fell. Yields typically move inversely to #prices.
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