The April jobs report issued by the Bureau of Labor Statistics showed a robust 253,000 jobs added to the U.S. economy last month.
Economists had expected 185,000 new jobs.
Thanks to those quarter of a million new jobs, the unemployment rate dropped to 3.4% – the lowest rate seen since May 1969.
The Black unemployment rate dropped to 4.7 percent in April, the lowest in recorded history, and the first time ever below 5 percent.
The stock market responded positively to the news with the Dow closing up more than 546 points and the S&P 500 closing up 75 points.
Average hourly earnings, year-over-year, has risen 4.4% (economists expected that number to be 4.2%).
Read more at Yahoo Finance.
The April jobs report beats expectations, adding 253,000 non-farm payroll jobs while the unemployment rate falls to 3.4%. pic.twitter.com/JVhuHmUvud
— Yahoo Finance (@YahooFinance) May 5, 2023
The Black unemployment rate dropped to 4.7 percent in April, the lowest rate in recorded history, and the first time ever it fell below 5 percent. #JobsReport https://t.co/MJm08Vg0o7 pic.twitter.com/pBCC1sribf
— Keith Boykin (@keithboykin) May 5, 2023