April Jobs Report Surprises with 253,000 New Positions Created

Job growth in the US exceeded expectations in April, with nonfarm payrolls increasing by 253,000, beating Wall Street estimates of 180,000. The unemployment rate was 3.4%, tied for the lowest level since 1969, and average hourly earnings rose 0.5% for the month, the biggest monthly gain in a year. The strong numbers raise the chances of the Federal Reserve raising interest rates again in June. Despite the upside surprise, previous months were revised downward, and the economy appears to be slowing towards a possible recession later in the year.