US stock futures and Treasury yields rose following the release, while the dollar pared losses.
The report suggests the labor market continues to cool gradually, a sign that businesses facing heightened uncertainty around tariffs and turmoil in financial markets didn't significantly alter their hiring plans. Most economists anticipate the brunt of the impact from punishing levies will be seen in coming months.
Federal Reserve officials have indicated they're in no rush to cut rates until they get further clarity on the impact the administration's policies will have on the economy, and are widely expected to leave their benchmark unchanged when they next meet May 6-7. While the US central bank is an independent institution, Trump has been pressuring it to ease borrowing costs.
Payroll gains in April were broad based, led by the health care and transportation and warehousing sectors. Manufacturing shed jobs as the sector saw the steepest contraction in output since 2020.
