The Labor Department's report showed nonfarm payrolls increased by 428,000 jobs in April, while economists polled by Reuters had expected 391,000 job additions.
Unemployment rate remained unchanged at 3.6% in the month, while average hourly earnings increased 0.3% against forecast of a 0.4% rise. The data underscored the economy's strong fundamentals despite a contraction in gross domestic product in the first quarter.
"Wage growth came in slower and below expectations... but one month does not yet make a trend consistent enough for the Fed to slow its monetary tightening intentions." Nine of the 11 major S&P sectors declined in early trading, with consumer discretionary sector down 1.7%.slid 1.6%, adding to a near 5% drop in the previous session, as investors feared bigger rate hikes might be announced as inflation runs at a four-decade high.
Traders see a 75% chance of a 75 basis point hike at the Fed's June meeting, despite Fed chief Jerome Powell ruling it out.
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