unemply

The jobs report was right in-line with expectations.

In April, the US economy added 223,000 jobs while the unemployment rate fell to 5.4%, the lowest since May 2008.

The disappointing part of the report, however, was wages, which came in below expectations.

In April, average hourly earnings rose 0.1% against the prior month and rose 2.2% over last year.

The labor force participation rate, which has been trending downwards for years now, actually rose in April to 62.8% from 62.7% in March. Weekly hours worked were steady at 34.5.

Following this report, stock futures were rallying and the US dollar was declining.

Here?s what Wall Street was looking for ahead of the report:

Nonfarm payrolls: +228,000Unemployment rate: 5.4%Average hourly earnings, month-on-month: 0.2%Average hourly earnings, year-on-year: 2.3%Average hourly earnings: 34.5This report also contained revisions to March?s report, which is now a deeper disappointment, with just 85,000 being added in March, less than the 126,000 that was initially reported. Wage gains in March were also revised lower, to show earnings rose 0.2% in March after an initial reading of 0.3% growth.

In April, 15,000 jobs were lost in the mining sector, with 10,000 jobs lost in support for mining activities and 3,000 disappearing in the oil and gas extraction industry. Since the beginning of the year, 49,00 jobs have been lost in the mining industry. 

More to come ?

Source: BI

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