The US economy added 253,000 jobs in April, coming much higher than market estimates, while the unemployment rate fell to 3.4%, the Labor Department announced on Friday. The market expectation for nonfarm payrolls was a 180,000 gain in April. Job additions for March were revised down by 71,000 from 236,000 to 165,000, according to data from the Bureau of Labor Statistics. The unemployment rate fell to 3.4% in April from 3.5% in March, while the market estimate for it was to come in at 3.6%.
The number of unemployed people in the US showed little change in April, slightly falling to 5.7 million from 5.8 million the month before.
Both the labor force participation rate at 62.6% and the employment-population ratio at 60.4% remained unchanged last month.
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