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Payroll: US creates 428,000 jobs in April, more than expected

The United States created 428,000 jobs outside the agricultural sector in April and the unemployment rate remained at 3.6%, the lowest level in two years, according to the Payroll released this Friday (6).

The result came above expectations. The Refinitiv consensus projected the creation of 391,000 jobs, but a slightly lower unemployment rate (3.5%).

Salaries increased 0.3% compared to March and 5.5% compared to April 2021 and were in line with market estimates (monthly increase of 0.4% and yearly of 5.5%).

  • Job vacancies: +428 thousand (estimate: +391 thousand)
  • Unemployment rate: 3.6% (3.5%)
  • Salary readjustment (April versus March): +0.3% (+0.4%)
  • Salary readjustment (compared to April 2021): +5.5% (+5.5%)

After the release of the payroll, the future dollar turned down 0.24%, quoted at R$ 5.056, and the Ibovespa Futuro accelerated its rise to 0.44%, at 107,290 points. Follow the stock exchange’s real time here.

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Lowest unemployment in 2 years

The BLS or Bureau of Labor Statistics said that “employment growth was broadly based, led by gains in leisure and hospitality, in manufacturing and in transportation and warehousing”.

The BLS highlighted that the number of unemployed and the unemployment rate for April (5.9 million and 3.6%, respectively) are at levels close to those of February 2020 (5.7 million and 3.5%), before of the pandemic.

The US Bureau of Labor Statistics revised downwards job creation for February and March. The one in February decreased by 36,000 jobs (from 750,000 to 714,000) and that of March, by 3,000 (from 431,000 to 428,000).

The importance of payroll

Traditionally important indicator for the markets, the payroll (or US employment report) not only brings complete data on the labor market in the country, but also helps to understand its economic situation.

The data is released monthly by the BLS and is used by the Federal Reserve (Fed) to set the US interest rate.

On Wednesday (4), the Fed accelerated its pace and raised the benchmark interest rate by 0.5 percentage point, — the highest increase in 22 years (a move that was already expected by the market, given the sharp rise in inflation).

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