Hot Jobs Report Raises Odds Fed Keeps Rates Higher for Longer
- Nonfarm payrolls rose 253,000 in April, more than estimate
- Jobless rate fell to multi-decade low of 3.4%, BLS says
This article is for subscribers only.
The unexpected pickups in US hiring and wages last month increase chances the Federal Reserve will hold interest rates high for longer and potentially keep the door open to an 11th straight hike in June.
Nonfarm payrolls rose 253,000 last month, a Bureau of Labor Statistics report showed Friday. Economists had expected an increase of 185,000. The unemployment rate fell back to a multi-decade low of 3.4%.