Nonfarm payrolls beat expectations, including some nice upward revisions. The data reverses the pessimism that was building about a summer swoon. The S&P500 couldn’t of had a better set-up going into the number.
Here’s the BLS,
Total nonfarm payroll employment rose by 165,000 in April, and the unemployment rate was little changed at 7.5 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, food services and drinking places, retail trade, and health care…
The change in total nonfarm payroll employment for February was revised from +268,000 to +332,000, and the change for March was revised from +88,000 to +138,000. With these revisions, employment gains in February and March combined were 114,000 higher than previously reported.
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Global Macro Monitor 