The U.S. added 253,000 jobs in April, up from a downwardly revised 165,000 in March and ahead of economist forecasts for 180,000, according to a report from the Bureau of Labor Statistics (BLS).
The unemployment rate was 3.4%, down from 3.5% in March and against expectations for 3.6%.
The price of bitcoin (BTC) fell about 1% to $28,900 in the minutes following the news.
Though slowing modestly in recent months, the employment picture has remained strong, giving the U.S. Federal Reserve reason to continue to hike interest rates to try and bring inflation down to its 2% target. At its meeting earlier this week, the Fed raised the benchmark fed funds for a 10th consecutive time – bringing the targeted range to 5.0%-5.25% – but signaled it might pause rate hikes.
While Friday morning's headline jobs number is a strong one, downward revisions to February (to 248,000 from 326,000) and March (to 165,000 from 236,000) knocked a total of 149,000 in gains from those two reports. The average job gain over the past three months is 222,000.
Checking other details from the April report shows average hourly earnings ahead 0.5% for the month, up from 0.3% in March and higher than 0.3% forecast. On a year-over-year basis, average hourly earnings were up 4.4% in April versus 4.3% in March and against expectations for 4.2%.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.