USA Payroll Growth Above Expectations

US nonfarm payrolls rose by 115k in April, beating expectations despite a slight rise in the unrounded unemployment rate to 4.34%. Wage growth slowed to 0.16% month-over-month, remaining below levels consistent with the Fed's inflation targets.

Key Takeaways

• 1.Nonfarm payrolls grew by 115k in April, significantly exceeding the median forecast of 65k.
• 2.The unemployment rate remained at 4.3% on a rounded basis, though it rose slightly to 4.34% unrounded.
• 3.Average hourly earnings growth slowed to 0.16% month-over-month, which is below the pace estimated to be compatible with the Fed's 2% inflation target.

Table of Contents

• BOTTOM LINE
• US MAP:
• KEY NUMBERS:
• MAIN POINTS:
• Disclosure Appendix

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