US NFP AND JOBS REPORT KEY POINTS:
The US Added 253,000 Jobs in April, Surpassing the Average Forecast of 180,000 New Payrolls.
The Unemployment Rate Dropped to 3.4%, Matching the January Print Which was a 50-year low.
The Positive Data Continued as Average Hourly Earnings Increased More Than Expected as Well, Likely to Add to Inflationary concerns.
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Hiring in the US accelerated through April as the economy added 253K jobs in April 2023, beating forecasts of 180K and following a downwardly revised 165K in March. According to the U.S. Bureau of Labor Statistics employment continued to trend up in professional and business services, health care, leisure and hospitality, and social assistance. It is also important to note the overall change in total nonfarm payroll employment for February and March was revised down by 78k and 71k respectively, leaving employment for the two months 149k lower than previously reported.