• The US economy added 428K jobs in April, more than the 391K expected. 
  • But the unemployment rate remained unchanged at 3.6% against forecasts for a drop to 3.5%. 
  • FX markets did not see any notable reaction to the latest data. 

The US economy added 428,000 jobs in April, according to the latest Non-farm Payrolls (NFP) report released by the US Bureau of Labour Statistics on Friday. That was a little above the median economist forecast for a gain of 391,000 jobs, and exactly in line with the pace of jobs gains in March (which was revised lower to 428,000 from 431,000). The headline job gain was driven by a 406,000 gain in private-sector jobs, which came in above the 385,000 expected increase. 

Factory jobs were up 55,000 on the month, above the expected 35,000. Goods-producing jobs were up 66,000, Construction jobs were up 2,000, private sector service-providing jobs were up 340,000 and retail jobs were up 4,000. Government jobs rose by 22,000, above the expected 4,000 rise. 

In terms of measures of labour market slack; the Unemployment Rate remained unchanged at 3.6% in April versus the median economic forecast for a drop to 3.5%. The U6 Underemployment measure, meanwhile, rose a tad to 7.0% from 6.9% previously. The Labour Force Participation Rate fell slightly to 62.2% from 62.4% a month earlier. In terms of major US ethnic minority employment rates; the Black Unemployment Rate fell to 5.9% in April from 6.2% in March, while the Hispanic jobless rate fell to 4.1% from 4.2%. The White unemployment rate remained unchanged at 3.2%. 

Finally, Average Hourly Earnings growth came in at 5.5% YoY as expected, with wages posting a slightly more modest MoM growth rate of 0.3% than the expected 0.4%. The Average Hourly Wage was $31.85 in April versus $31.75 in March. The average number of hours worked in the week remained unchanged at 34.6, versus expectations for a rise to 34.7. 

Market Reaction

Slightly weaker than forecast measures of labour market slack seemed to negative the slightly stronger than expected headline NFP print, with FX markets not showing much, if any, reaction to the latest data. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD rebounds, steadies above 1.0400

EUR/USD rebounds, steadies above 1.0400

EUR/USD has staged a rebound and reclaimed 1.0400 during the American trading hours on Friday with the US Dollar Index retreating from the multi-week high it set at above 105.60. Nevertheless, the pair remains on track to close the week in negative territory. 

EUR/USD News

GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD reversed its direction and advanced to the 1.2050 area after having dropped to 1.1976 earlier in the day. The pair is still down more than 1% on the day with safe-haven flows dominating the financial markets following the disappointing PMI data from the US.

GBP/USD News

Gold rebounds above $1,800 as US yields fall sharply

Gold rebounds above $1,800 as US yields fall sharply

Gold has regained its traction and recovered above $1,800 after having slumped to a multi-month low below $1,790. Following the dismal PMI data from the US, the benchmark 10-year US Treasury bond yield is down more than 6% on the day, fueling XAU/USD's rebound.

Gold News

Why traders are rushing to exit positions on Cardano’s ADA price

Why traders are rushing to exit positions on Cardano’s ADA price

Cardano (ADA) price has had its performance review as the summer kicks off. ADA bulls are returning home with not-that-good a scorecard, and the underperformance could cut short holiday funding for the cryptocurrency.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures