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U.S. Jobs Top Forecast at 263,000 Gain; Wages Miss Estimates

  • Unemployment unexpectedly falls to fresh 49-year low of 3.6%
  • ‘Goldilocks is the best description,’ economist Slok says
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Deutsche Bank’s Torsten Slok and SocGen’s Subadra Rajappa examine the U.S. April jobs report.(Source: Bloomberg)
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The U.S. economy accelerated its rebound from a recent soft patch as unemployment unexpectedly fell to a fresh 49-year low amid surprisingly strong hiring and cooler-than-projected wage gains, suggesting the hot labor market can extend its run.

Payrolls climbed by 263,000 in April after a downwardly revised 189,000 advance the prior month, according to a Labor Department report Friday that exceeded all estimates in a Bloomberg survey. The jobless rate unexpectedly fell to 3.6 percent while average hourly earnings growth was unchanged at 3.2 percent, below projections.