Nonfarm payrolls for April printed at 177,000 and the unemployment rate remained steady at 4.2%, reported the U.S. Bureau of Labor Statistics. Expectations were for a 133,000 rise, a notable decline from March’s stronger-than-expected 228,000 gain. The March and February reports were revised lower to 185,000 and 102,000 respectively. The economy has added 193,167 jobs per month, on average, over the last six months.
Average hourly earnings rose 0.2% versus expectations of +0.3% and +0.3% the previous month. Year-over-year, earnings rose 3.8% versus expectations of 3.9% and +3.8% in March.
The private sector and government added 167,000 and 10,000 respectively. The average workweek was unchanged at 34.3 hours while the labor force participation rate was 62.6%.
The April report was the first since President Trump’s “Liberation Day” tariff announcement on April 2, which introduced uncertainty due to potential trade disruptions. However, the data has yet to fully reflect tariff impacts, as these typically manifest over months. Other influences included a hiring slowdown attributed to federal job cuts and private-sector caution amid tariff and policy uncertainty.
The initial reaction in the markets has been positive, with stock futures, the 10-year Treasury yield, crude oil, gold and the dollar all higher.
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