Job creation in April bounced back from a disappointing March, with nonfarm payrolls growing by 211,000 while the unemployment rate fell to 4.4 percent, its lowest since May 2007.
Economists surveyed by Reuters had been expecting payroll growth of 185,000 and the headline jobless rate to tick up one-tenth to 4.6 percent. The payroll increase nearly tripled the dismal March number.
Market experts believe the report likely cements an imminent interest rate hike.
“The market has sorely needed a shot of unambiguously positive ‘hard’ data,” Quincy Krosby, market strategist at Prudential Financial, said in a statement. “This morning’s employment report suggests the Fed will most certainly move in June.”