FXS: US: Nonfarm Payrolls widely beating out expectations in April
FXstreet.com (Barcelona) - US nonfarm payrolls widely beat out expectations showing 290K nonfarm jobs created in April compared to 162K in March. The figure adds to previously released rosy employment numbers in the US supporting robust growth prospects in the second quarter.
Even with this upbeat figure, the unemployment rate still rose slightly to 9.9% in April, ahead of expectations of an unchanged 9.7%. What’s more, average hourly earnings in April remained flat despite predictions of earnings rising slightly to 0.2%. Also, average weekly hours remained unchanged in April at 34 hours.
The nonfarm payrolls released by the Bureau of Labor Statistics of the US Department of Labor is one of the most important data. The report presents the number of people on the payrolls of all non-agricultural businesses. The monthly changes in payrolls can be excessively volatile. A high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).
