Labor market shocks economists, beats expectations by nearly 30%

Friday’s April labor market report surprised just about everyone, sending stocks soaring.

The economy added 253,000 new jobs, while unemployment dropped to 3.4%.

Only three economists of the 87 polled by Refinitiv had projected job growth at or above 253,000.

Economists were expecting job growth to decline for the third consecutive month, 180,000 jobs to be added, and for the unemployment rate to increase to 3.6%, according to Refinitiv.

Wages were also up 0.5% monthly, and 4.4% year over year.

Those waiting for an economic “hard landing” will need to wait a little longer after wage reports like this one.