US non-farm payrolls rise by 428,000 jobs in April, jobless rate unchanged at 3.6%

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US non-farm payrolls rise by 428,000 jobs in April, jobless rate unchanged at 3.6%

US Labor Department data released on Friday had unfurled that the US non-farm payrolls rose more than anticipated last month, suggesting a further solidification in labor market despite a contraction in GDP over Q1, 2022.

Nonetheless, wage growth had cooled down last month in the middle of an inflation-surge that has witnessed a 16-1/2-year peak consumer spending in March, adding to a double whammy for common Americans with money markets falling across the board in the wake of an ultra-hawkish US Fed stance.

Wages for hourly workers rose by 0.3 per cent on an average in April following a 0.5 per cent growth a month earlier. Nevertheless, gazing at the glittery side of the coin, US nonfarm payrolls added 428,000 jobs last month, though data for March had been revised downwards to 428,000 jobs compared to an initial estimate of 431,000 positions.

However, an analysts’ poll was expecting US non-farm businesses to add 391,000 jobs last month. Besides, amidst a contraction in Gross Domestic Product over the first quarter of 2022, US unemployment rate appeared to have stood firm with jobless rate unchanged at 3.6 per cent.

US non-farm payrolls rises more than anticipated

On the flipside of the coin, as the US labor market has long been weathering a chronic shortage of workers, the ratio between jobs and labors jumped to a record 3.4 per cent of the entire labor force compared to a 3.1 per cent scored in February.

Meanwhile, as the US non-farm payrolls gained more than anticipated, money markets across the US had witnessed a number of wild swings, but closed out the day slightly lower with the US Dollar Index (DXY) hovering close to a fresh 20-year peak.