Financial News: U.S. Employment Jumps Much More Than Expected In

U.S. Employment Jumps Much More Than Expected In April

05/05/2023 - 08:40:00 (RTTNews)

(RTTNews) - Job growth in the U.S. far exceeded economist estimates in the month of April, the Labor Department revealed in a report on Friday, although the jump in employment followed notable downward revision to the two previous months.

The Labor Department said non-farm payroll employment shot up by 253,000 jobs in April compared to economist estimates for an increase of about 179,000 jobs.

However, the job growth in February and March was downwardly revised to 248,000 jobs and 165,000 jobs, respectively, reflecting a combined downward revision of 149,000 jobs.

The report also said the unemployment rate edged down to 3.4 percent in April from 3.5 percent in March. Economists had expected the unemployment rate to remain unchanged.

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