The US Bureau of Labor Statistics (BLS) reported on Friday that Nonfarm Payrolls increased by 253,000 in April. This result exceeded the market’s anticipation of a 179,000 gain. On the negative side, the March reading of 236,000 was reduced down to 165,000.
The study also stated that the unemployment rate fell to 3.4% from 3.5 percent. While annual wage inflation, as measured by average hourly earnings.
Increased to 4.4% from 4.3%. Finally, the Labor Force Participation Rate stayed constant at 62.6%, compared to 62.5% expected by the market.
“The number of people who are not in the labor force but want to work increased by 346,000 over the month to 5.3 million,” according to the BLS. in a news release.
“These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.”
Nonfarm payrolls reaction on Market
The US Dollar gained ground versus its peers following the early reaction to the positive April employment data. At the time of writing, the US Dollar Index was up 0.2% for the day, standing at 101.65.
EURUSD movement after release of NFP
On Friday, the EURUSD lost traction and fell below 1.1000. The 253,000 rise in nonfarm payrolls in April, together with stronger-than-expected wage inflation statistics, boosted the US Dollar in the early American session while weighing on the pair.
