The U.S. economy created more jobs than expected in April while the unemployment rate dropped unexpectedly and wage inflation held steady, according to official government data released on Friday.
Nonfarm payrolls (NFP) rose by 236,000 in March, above consensus expectations for 181,000.
The jobless rate fell unexpectedly to 3.6%. That was its lowest level December 1969 when it was at 3.5%. Economists had expected the rate to hold steady at 3.8%.
Wage inflation grew just 3.2% on an annualized basis, holding steady at the prior month’s reading. Consensus had expected an increase to 3.3%.
U.S. futures extended gains immediately following the release with S&P 500 futures up 0.44% compared to an increase 0.36% ahead of the report.