US Jobs Data Doubles Expectations Ahead of Fed Transition

What happened: US nonfarm payrolls added 115,000 jobs in April, nearly doubling the 55,000 consensus estimate, though down from March's 185,000. Unemployment held steady at 4.3% while average hourly earnings rose 3.6% year-over-year, below the 3.8% forecast. Kevin Warsh's Fed chair nomination cleared the Senate Banking Committee 13-11 and awaits full confirmation by May 15.

Why it matters: The mixed signals—job growth exceeding expectations but wage growth softening—may give incoming Fed Chair Warsh flexibility on rate policy. The data comes as markets await clarity on monetary policy direction under new leadership, with implications for risk asset flows including crypto.

Source: CoinDesk