The U.S monthly employment report showed that the economy created more jobs than forecast in April, while the unemployment rate inched up as expected, according to official data released on Friday.
Non-farm payrolls (NFP) rose 211,000 in April, compared to the rise of 77,000 a month earlier that was revised from the initial increase of 98,000. The data beat the consensus estimate for the creation of 185,000 jobs.
The jobless rate also unexpectedly dropped to 4.4%, from the prior 4.5%. Analysts had expected it to rise to 4.6%.
Average hourly earnings rose month-on-month by 0.3%, compared to the prior increase of 0.1%, which was revised from a 0.2% advance. The reading was in line with consensus.
The increase in wages is being closely monitored by the Federal Reserve for evidence of diminishing slack in the labor market and upward pressure on inflation.
