April’s job numbers are out
The US Department of Labor released the April jobs report for 2019 on the morning of May 3. And what a report it was! Job numbers smashed expectations by a considerable margin and continued to impress.
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The United States added 263,000 jobs in April, smashing economists’ consensus estimate of 190,000 compiled by Bloomberg. The unemployment rate fell to 3.6% in April, its lowest level since December 1969, according to Yahoo Finance. The unemployment rate also succeeded in exceeding the estimate of 3.8% and March’s rate. There wasn’t much of a change in average hourly earnings, which rose 0.2% month-over-month and 3.2% year-over-year in April.
Discussing the April jobs report with CNBC, Eric Winograd, AllianceBernstein’s senior economist, mentioned that the labor market is strong despite month-to-month fluctuations. The April jobs report supported economic recovery this year. US GDP increased 3.2% in the first quarter, and productivity also rose 3.6%.
The labor market change affects the Federal Reserve’s decision to hike interest rates. Earlier this week, the Fed kept a hold on increasing interest rates. Let’s move on to see how the April jobs report affected the stock market (SPY) on May 3.