U.S. Economy Adds More Jobs Than Expected in April, Accelerating Wage Growth: Labor Department Report

by Lucia Mutikani

WASHINGTON, May 5 (Reuters) – The U.S. economy added more jobs than expected in April and wage growth accelerated, the Labor Department’s monthly report showed on Friday, potentially prompting the Federal Reserve to maintain high interest rates for some time.

This report, closely followed by economists and investors, reports 253,000 non-farm payrolls last month, while economists and analysts polled by Reuters forecast an average of 180,000.

The March figure was revised down by 71,000 to 165,000 in total.

The unemployment rate, calculated on the basis of a separate survey, fell to 3.4% while the consensus gave it to 3.6% after 3.5%.

The rise in the average hourly wage accelerated to 0.5%, after +0.3%, which brings its increase over one year to 4.4% after 4.3%.

Treasury yields amplified their rise after the release of the Labor Department report and around 12:40 GMT, that of ten-year securities

US10YT=RR

took nearly 11 points to 3.4559%.

At the same time, the dollar went into the green and appreciated by 0.16% against a basket of reference currencies

.DXY .

(Lucia Mutikani, French version Laetitia Volga, edited by Matthieu Protard)