Last month, the United States of America created 223,000 jobs, surpassing the expectations.
190,000 new jobs were anticipated by Forecasters last May. However, figures for nonfarm payrolls that were released today revealed that 223,000 had been added.
According to the revised figures that were also released today, only 159,000 jobs were added last April. The said number had originally been reported as 164,000, which was still short of the expected 193,000.
Last March, the numbers also fell short of the expectations.
However, this followed a February in which the number of new jobs that were added to the economy of the United States had smashed expectations. The additional jobs were able to reach 326,000.
Unemployment was expected to remain to remain at 3.9 percent, however, it has lowered down to 3.8 percent.
Over the current year, the unemployment rate has dropped by 0.5 percent.
The numbers imply that unemployment is at its lowest level in decades, matching April 2000 as the lowest rate that was recorded since 1969.
Donald Trump, the President of the United States of America, has already expressed his excitement for the data that were released today.
Following the release of the data, the dollar was up against the Euro.
The vice president at Charles Schwab, Kully Samra, stated: “There are strong signs the US economy is rebounding from its first-quarter weakness.”
He added: “This month’s nonfarm numbers have seen an uptick in wages and the pace of hiring. Investors must now take a view on whether the Federal Reserve will take a steady path toward raising interest rates or be forced to take a more aggressive approach to tightening monetary policy.”
However, some commentators still chose to maintain a cautious outlook because of the uncertain backdrop.
The head of trading at online platform Infinox, Jacob Deppe, stated: “May non-farm payrolls came in far stronger than expected and will provide a temporary boost to markets but the most fundamental driver of sentiment at present, by a distance, is Trump’s trade tariffs.”