Non-Farm Payrolls Posts Largest Gain in 11 months; Unemployment Rate Higher
US jobs data showed the economy added more jobs than expected in April. Non-farm payrolls posted the largest gains in 11 months, while the private jobs sector showed its largest gain since February 2006.
Non-farm payrolls jumped to 244’000 from 216’000 the previous month and much better than expected at 185’000. Private payrolls also surged to 268’000 versus consensus of 200’000 and up from 230’000 the previous month. Manufacturing payrolls were also higher than expected, at 29’000 versus 20’000 and up from 17’000.
The employment data did however offer a sour note, as the unemployment rate rose from a 2-year low of 8.8% to 9.0%. Meanwhile, government payrolls were also down, to -24’000 from -14’000.
Average weekly earnings rose to 0.1% from 0.0% but missed consensus for a rise to 0.2%. Average weekly hours were unchanged as expected at 34.3.
EUR/USD traded in a range of 1.4531 – 1.4456 following the release of employment data.
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