Tampa, FL Jobs Report
U.S. payrolls added 263,000 new non-farm jobs in April, surging past economists’ predictions of 180,000. Sectors showing noteworthy gains include professional & business services, construction, healthcare and social assistance. Unemployment ticked down to 3.6 percent: a half-century low. Steve Rick, the CUNA Mutual Group’s chief economist told Market Insider, “With another strong employment report in April, we’ve gotten reassurance that the labor market is staying on a strong and steady course.” The weaker job gains earlier in the year proved to be a momentary blip rather than an indication of a coming downturn. March and April’s aggregate numbers were revised upward by 16,000 jobs. Markets reacted positively, with S&P and NASDAQ futures as well as the 10-year Treasury yield all rising in response to the job numbers. Average hourly earnings increased 0.2 percent month-over-month, slightly below expectations. The Fed, seeing no immediate threat of an overheated, inflationary economy, held rates steady. Torsten Slok, chief economist at Deutsche Bank Securities, summed up the current economic picture, “Goldilocks is the best description of this.”
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