Good News of the Week: Really Great Economic Numbers

 This week's Good News is about the U.S. Economy!  Here's the story-

US economy adds 253,000 jobs in April, unemployment falls.

May 5, 2023 CNBC

The nonfarm payroll growth is up from a revised growth of 165,000 in March and beats economist estimates of 180,000. The unemployment rate fell to 3.4%, down from 3.5% in March and below expectations of 3.6%. The unemployment rate is tied for the lowest level since 1969. Average hourly earnings rose 0.5% month-over-month and 4.4% year-over-year—both higher than expected.

KEY POINTS

1. Nonfarm payrolls increased 253,000 for April, beating Wall Street estimates for growth of 180,000.
2. The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969.
3. Average hourly earnings rose 0.5% for the month and increased 4.4% from a year ago, both higher than expected.

The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969. A more encompassing number that includes discouraged workers and those holding part-time jobs for economic reasons edged lower to 6.6%.

Average hourly earnings, a key inflation barometer, rose 0.5% for the month, more than the 0.3% estimate and the biggest monthly gain in a year. 

On an annual basis, wages increased 4.4%, higher than the expectation for a 4.2% gain. Both numbers raise the chances that the Federal Reserve could decide to raise interest rates again in June, though markets were only pricing in a small probability following the jobs report.