-- The April employment report showed nonfarm payrolls rose by 115,000, above the 65,000 jobs increase expected in a survey compiled by Bloomberg, while March payrolls were revised up to a 185,000 increase and February payrolls were revised down to a 156,000 decrease.
Private payrolls rose by 123,000 in April after a 190,000 increase in March, well above the increase of 75,000 private jobs expected. Health care and social assistance jobs added 53,900 to the payrolls total.
The unemployment rate remained at 4.3% in April, as expected, while the labor force participation rate fell to 61.8% from 61.9% in March and the size of the labor force declined.
Hourly earnings rose by 0.2%, slower than the 0.3% gain expected, and following a 0.2% increase in March. Hourly earnings were up 3.6% year-over-year.
The average workweek rose to 34.3 hours from 34.2 hours in March, above the 34.2 hours expected.
The monthly employment report released by the Bureau of Labor Statistics consists of two separate surveys and is considered the most important data release for the month. The survey of businesses measures the levels of employment and wages and the length of the average workweek, broken down by industry.
The survey of households measures the number of people working or looking for work, the unemployment rate, those who have left the workforce and reasons for part-time work.
Market reaction can be mixed, particularly when the two surveys disagree. A strong increase in employment or a decline in the unemployment rate is generally a positive for stocks as a sign of a strong US economy, but bonds would react negatively to the same news, particularly if wages rise sharply at the same time.