U.S. nonfarm payroll employment increased by 175,000 in April, according to the Bureau of Labor Statistics, and the unemployment rate ticked up to 3.9 percent. The total was below the forecast from Oxford Economics, but the labor market remains healthy.
In addition, the increase in employment during February was revised down to 236,000 jobs, and the employment change in March was increased up to 315,000 jobs.
Despite the moderation in job growth in April, the Federal Reserve is unlikely to deviate from its current course. The Fed is expected to maintain the current target federal funds rate until at least the third quarter, with a goal of getting inflation down to 2 percent.
Commenting on the report results, Ryan Brandham, head of global capital markets, North America, at Validus Risk Management, said: “The latest U.S. nonfarm payrolls release was softer than expected. Similarly, the U.S. unemployment rate was slightly worse than expected. This is a somewhat s