The jobs report for April was a surprise to the downside. At 175,000, it was far off the median expectation of 240,000. The unemployment rate was expected to stay at 3.8%. Instead, it rose a basis point to 3.9%. That still leaves unemployment within the 3.7%-to-3.9% range it has seen since August 2023, according to the Bureau of Labor Statistics.
Revisions for February and March jobs numbers brought the total down by 22,000.
Average hourly earnings were up 0.2%, making a 3.9% increase over the previous 12 months. The median expectation was a 4.0% year-over-year increase.
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