Non-farm payroll U.S.

U.S. job growth totalled 175000 in April 2024 – less than expected

Non-farm payrolls rose by 175,000 in the month, falling short of the consensus estimate of 240,000.

The unemployment rate increased slightly to 3.9%, contrary to expectations that it would remain at 3.8%. Additionally, a broader measure of unemployment rose to 7.4%, marking the highest rate since November 2021.

In line with recent patterns, the health care sector led job gains with an increase of 56,000. Notable growth was also seen in social assistance (31,000), transportation and warehousing (22,000), and retail (20,000).

In response to the job data update, market traders now anticipate a strong chance of two interest rate reductions by the end of 2024.

Stock markets jumped higher on the news.

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