The US economy gained more jobs than expected in April, and the unemployment rate dropped to the lowest level in decades.
The US Labor Department said on Friday that nonfarm payrolls rose 253,000 from March, far exceeding predictions of about 180,000.
The unemployment rate fell one-tenth of a point to 3.4 percent. Average hourly wages were 4.4 percent higher than April last year, and up 0.5 percent from March. Both figures beat predictions.
The solid jobs data sent the dollar higher on Friday. The greenback briefly rose above 135 yen.
The US currency was bought on speculation the US central bank may stick to monetary tightening longer than expected to dampen inflation.
Higher wages have been driving up US consumer prices, as businesses pass on the extra costs to customers.
Fed Chair Jerome Powell says a decision to pause interest rate hikes in June will depend on key economic data, including jobs and prices.
The US Labor Department said on Friday that nonfarm payrolls rose 253,000 from March, far exceeding predictions of about 180,000.
The unemployment rate fell one-tenth of a point to 3.4 percent. Average hourly wages were 4.4 percent higher than April last year, and up 0.5 percent from March. Both figures beat predictions.
The solid jobs data sent the dollar higher on Friday. The greenback briefly rose above 135 yen.
The US currency was bought on speculation the US central bank may stick to monetary tightening longer than expected to dampen inflation.
Higher wages have been driving up US consumer prices, as businesses pass on the extra costs to customers.
Fed Chair Jerome Powell says a decision to pause interest rate hikes in June will depend on key economic data, including jobs and prices.
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Summary
US economy added 253,000 jobs in April, beating expectations, while the unemployment rate dropped to a record-low 3.4%. Average hourly wages increased by 4.4% year-on-year and 0.5% month-on-month. The strong job data led to an increase in the dollar's value. Rising wages are driving up consumer
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ID: 3edde6db-253c-41a5-9c38-11fcd8458b03
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230506_04/
Date: May 6, 2023
Created: 2023/05/06 07:41
Updated: 2025/12/09 04:21
Last Read: 2023/05/06 07:47