Wall Street’s main indexes rose on Friday after data showed U.S. employment in March accelerated from a 17-month low, easing concerns of a domestic slowdown, while hopes of a U.S.-China trade deal added to the sentiment.
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 4, 2019. REUTERS/Brendan McDermid/File Photo 05 Apr 2019 09:25PM(Updated: 05 Apr 2019 10:20PM) Share this content
REUTERS: Wall Street’s main indexes rose on Friday after data showed U.S. employment in March accelerated from a 17-month low, easing concerns of a domestic slowdown, while hopes of a U.S.-China trade deal added to the sentiment.
The Labor Department report showed nonfarm payrolls rose by 196,000 jobs last month, above economists’ estimate of 180,000, as milder weather boosted hiring in sectors like construction.
Average hourly earnings rose 0.1per cent in March, after jumping 0.4per cent percent in the previous month, while the unemployment rate held steady at 3.8per cent.
The report adds to fairly upbeat construction spending and factory numbers that led Wall Street banks to boost their growth estimates for the first quarter.
“A mixed but overall very solid jobs report. The healthy bounce back in hiring last month should help to quell recession fears,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
“Still, weaker wage growth suggests the Fed’s December rate hike may have been its last in the current cycle.”
The Federal Reserve last month suspended its three-year campaign to tighten monetary policy, increasing market expectations of an interest rate cut.
However, the latest job numbers gave traders little reason to reprice expectations for a rate cut in 2020.
Bank stocks, which tend to