US adds 115,000 jobs in April, surpassing expectations

The US added 115,000 jobs to the economy in April, surpassing the expected 55,000 jobs added to the economy. The unemployment rate remained the same at 4.3 percent.

The US Bureau of Labor Statistics said, "Total nonfarm payroll employment edged up by 115,000 in April, and the unemployment rate was unchanged at 4.3 percent." The jobs were mainly added in health care, warehousing, transportation, and retail industries, according to the report.

Additionally, average hourly earnings for the average worker increased slightly. "In April, average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents, or 0.2 percent, to $37.41. Over the year, average hourly earnings have increased by 3.6 percent," the BLS said in the release. The average workweek also increased by 0.1 hours. However, the number of people who have dropped out of the labor force has ticked up slightly.

Those areas of the economy that showed lost jobs included motor vehicles, information technology, and financial activities. Information technology and financial industries appeared to have been hardest hit, as well as the government workforce. The losses may be due to AI being implemented at different companies throughout the US.

With the jobs report showing good numbers, the S&P 500 was up about 0.6 percent on Friday, and the Dow Jones Industrial Average rose by 0.1 percent, or 55 points. The news comes as traders have been tracking the Trump administration's negotiations with Iran in hopes that a deal will be reached.

Over the last few weeks of the conflict, the S&P 500 as well as US oil stocks have gone up and down conversely as the Strait of Hormuz has been reported to be open and closed multiple times.