US job creation beats forecasts, unemployment falls to 50-year low

  • by Ahmed Mamdouh
  • May 3, 2019, 16:44 AM
  • 126 Views
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U.S. employers created a more than forecast jobs in April, the non-farm payrolls report released on Friday showed.

The NFP figures signaled a more than forecast job creation pace last month, stability in annual wage growth and drop in the jobless rate. 

Analysts predicted a job creation of 180,000 jobs, but the reading showed 263,000 jobs added from a revised of 189,000 job-gain in March.

Unemployment rate fell to a 50-year low of 3.6 percent, coming below both prior and expected readings of 3.8 percent.

The average hourly earnings gained 0.2 percent last month, missing forecasts of 0.3 percent, similar to the prior increase. That held the annual earnings growth at 3.2 percent.

The dollar index, which tracks the movements of the green currency versus a basket of major currencies, however, erased most of its earlier gains to hover around 97.63, compared to the session’s high of 97.85.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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