J.P. Morgan Apr US jobs report underscores labour market's resilience

The US economy added 177,000 jobs in April this year, beating expectations of 138,000, according to the Bureau of Labour Statistics (BLS).

However, there were net downward revisions of 58,000 to the prior two months. Job gains were revised down by 43,000 to 185,000 in March and down by 15,000 to 102,000 in February.

Despite the latest revisions, the April jobs number raises the three-month average payroll to 155,000 from 152,000 in March.

The unemployment rate remained steady at 4.2 per cent in April, while average hourly earnings grew by a modest 0.2 per cent month on month (MoM).

Although J.P. Morgan strategists anticipate a slowdown in US economic growth, they do not see a recession as the base case this year, a release from the company said.

For investors, they reiterate that building a resilient, diversified portfolio is key during times of elevated market volatility.

ALCHEMPro News Desk (DS)