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U.S. Adds 164,000 Jobs in April; Unemployment Falls to 3.9%

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By the numbers:

  • April non-farm payroll (NFP) +164K vs. +192Ke
  • Change in private payrolls: +168K vs. +190Ke
  • Change in manufacturing payrolls: +30K vs. +20Ke
  • Birth-death adjustment: +260K vs. +65K prior
  • US March payrolls revised to +135K; Feb Revised to +324K
  • Prior change in private payrolls revised higher from: +102K to +135K
  • April unemployment rate: +3.9% vs. +4.1%
  • Apr Average Hourly Earnings +0.15%, or +$0.04 to $26.84; Over Year +2.6%
  • Apr Average Workweek Unchanged at 34.5 Hours
  • US Apr Labor-Force Participation Rate 62.8%

    • The jobless rate in the U.S fell to +3.9% in April, touching the lowest mark since December 2000. U.S employers added +164k jobs, a pickup from March and more than enough to keep up with population growth.

    Nevertheless, workers’ wages continued to grow sluggishly despite the historically low unemployment rate. Wages grew +4c over the month and +2.6% over the past year.

    Employers have stepped up hiring this spring – they have added an average +208K jobs over the past three-months, well above last year’s monthly average of +182K.

    For rate ‘hawks,’ signs of a tightening labor market may push the Fed to consider raising short-term interest rates slightly more aggressively this year than they have signalled to date.

    Hourly pay for private-sector workers rose, on average, rose +0.15% from a month earlier to +$26.84 in April. That figure was +2.6% above the year ago level.

    The dollar is little changed on the market miss and U.S equity futures have pared declines after the release. U.S 10’s are trading a tad shy of +2.93%.

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    Dean Popplewell

    Dean Popplewell

    Vice-President of Market Analysis at MarketPulse
    Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
    Dean Popplewell

    @dean_forex

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