A Friday report by the Labor Department brought cheer to the nation as jobs rose, unemployment was at the lowest level in more than half a century and the hourly earning rate saw a small rise under the Biden administration. The nonfarm payroll numbers exceeded Wall Street expectations, despite an economic slowdown and the recent turmoil seen in the banking sector.
The Bureau of Labor Statistics reported nonfarm payrolls increased 253,000 for April. Wall Street had estimated 180,000 jobs. The unemployment rate set a record at 3.4 percent as it tied with the lowest level that was prevalent in 1969, while 3.6 percent was the predicted estimate.
Another positive jump seen under the Biden administration was an increase in average hourly earnings to 0.5 percent in April. An estimate of 0.3 percent increase was expected and this much higher increase in April was also the highest monthly gain in a year.
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When these gains are considered on an annual basis, it indicates that wages have increased 4.4 percent while the expectation had been a gain of 4.2 percent. Average hourly earnings are a key indicator of inflation.
The higher-than-expected jobs and lower unemployment rates combined with an increase in average hourly rates had a positive effect on Wall Street as well as the markets rose. The Dow Jones Industrial Average saw a gain of roughly 400 points. Treasury yields also rose.
A robust earnings report by Apple Inc. and a strong rebound in banking stocks also played a role in the rise of indexes.
Friday’s report was a glimmer of hope as several mid-sized regional banks have collapsed recently and depositors are taking away their money from these banks.
Fed Chair Jerome Powell accepted that households were feeling pressured by higher interest rates but also said that a strong labor market has been helpful. Although inflation is at about 5 percent, the central bank is continuing in its mission to bring inflation to an annual level of 2 percent.
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