In April, the number of new jobs in the United States increased more than expected, reaching 177 thousand.
Author: Stephen Alpher Updated May 2, 2025, 1:55 pm Published May 2, 2025, 12:35 pm
Looking at the employment situation for the first time since last month’s Liberation Day tariff announcements sent markets tumbling and plunged supply chain workers into unprecedented levels of uncertainty, the U.S. labor market remains fairly robust for now.
The country added 177,000 jobs in April, according to the Bureau of Labor Statistics’ Nonfarm Payrolls report. That number topped analysts’ forecasts of 130,000 and March’s 185,000 (revised from an initial 228,000).
The unemployment rate in April was 4.2%, in line with the forecast of 4.2% and the 4.2% in March.
In a rally over the past two weeks since the initial tariff scare, the price of Bitcoin (BTC) eased slightly to $96,700 immediately after the report. Also in a rally since the initial scare, U.S. stock futures have risen on the news, with the Nasdaq 100 and S&P 500 each up 0.7%.
This morning’s report is likely to cool expectations for an imminent Federal Reserve rate cut. While market participants have ruled out any Fed action in May, they have already priced in about a 60% chance of a rate cut in June and a more than 90% chance of one or more rate cuts at the central bank’s July meeting, according to CME FedWatch data.
The yield on 10-year U.S. Treasury notes rose four basis points to 4.27% on stronger-than-expected data.
Looking at other data from the report, average hourly earnings rose 0.2% in April, below the 0.3% expected and 0.3% in March. Year-over-year, average hourly earnings increased 3.8%, also below the 3.9% expected and in line with March’s 3.8%.
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