U.S. April Employment Surge to 115,000; Unemployment Holds at 4.3%, Exceeding Expectations

The Bureau of Labor Statistics reported April non-farm payrolls of 115,000 on May 8—more than double the consensus estimate of 55,000. Unemployment remained at 4.3%, while hourly wage gains came in at 3.6% year-over-year, below the 3.8% expectation. Nasdaq rose 1.71% and S&P 500 gained 0.5%, both reaching record highs. The 10-year Treasury yield fell 3 basis points to 4.362%, as inflation concerns took a backseat to peace expectations.