Market news
07.05.2021, 12:42

U.S. nonfarm payrolls increase much less than forecast in April; unemployment rate edges up

The U.S. Labor Department announced on Friday that nonfarm payrolls rose by 266,000 in April after a revised 770,000 increase in the prior month (originally a gain of 916,000). This marked the smallest monthly advance in three months.

According to the report, notable job gains in leisure and hospitality (+331,000 jobs in April), other services (+44,000), and local government education (+31,000) were partially offset by employment declines in temporary help services (-111,000) and in couriers and messengers (-77,000).

The unemployment rate edged up to 6.1 percent in April from 6.0 percent in March.

Economists had forecast the nonfarm payrolls to increase by 978,000 and the jobless rate to drop to 5.8 percent.

The labor force participation rate increased to 61.7 percent in April from 61.5 percent in the previous month, while hourly earnings for private-sector workers rose 0.7 percent m-o-m (or $0.21) to $30.17, following an unrevised 0.1 percent m-o-m drop in March. Economists had forecast the average hourly earnings to be flat m-o-m in April. Over the year, average hourly earnings went up 0.3 percent in April, following an unrevised 4.2 percent jump in March.

The average workweek increased by 0.1 hour to 35.0 hours in April, being above economists' forecast for 34.9 hours.

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