The US labor market delivered another month of solid job creation in April, with non-farm payrolls rising by 177k, beating forecast of 130k. However, the initial blowout March figure was revised down from 228k to 185k, tempering some of the headline strength.
Still, both readings came in above the 12-month average monthly gain of 152k, signaling continued resilience.
Unemployment rate held steady at 4.2%, in line with expectations, while labor force participation ticked up slightly to 62.6%.
Yet, wage pressures appear to be softening. Average hourly earnings rose just 0.2% mom, below the 0.3% mom forecast, bringing the year-over-year growth rate to 3.8%.
