US nonfarm payrolls beat expectations

In April, US nonfarm employment increased by 253,000, above expectations.

The data, which was announced as 236,000 last month, was revised to 165,000.​ ​

Economists polled by Reuters expected nonfarm employment to rise to 180,000 in April.

Labor force participation was unchanged at 62.6% in April.

UNEMPLOYMENT AT 3.4 PERCENT

The US Department of Labor announced that the unemployment rate fell to 3.4 percent in April.

Last month, the unemployment rate was announced at 3.5 percent.

Economists polled by Reuters had forecast the jobless rate to rise to 3.6 percent.

Average hourly wages in the US rose 0.5 percent in April. Expectations were for hourly wages to rise 0.3 percent.

The annual increase in average hourly wages increased to 4.4 percent from 4.3 percent in the previous month. (Reuters)