US economy sees healthy job growth in April as payrolls jump by 428,000

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By Michelle Goldberg

Opinion Columnist

Oil Prices Climb On Supply Concerns

Oil prices climbed for the third day running on Friday amid supply worries after the EU proposed some of its toughest measures yet against Russia, including a total ban on oil imports.

Benchmark Brent crude futures jumped 1.9 percent to $112.99 a barrel, while U.S. crude futures were up 1.9 percent at $110.27. Both benchmarks were on track for their second weekly gains.

It is learnt that the European Union is willing to exempt some central European member states from its proposed embargo on Russian oil.

The Bloomberg reported citing officials that the EU is willing to let Hungary and Slovakia continue importing Russian crude and refined products until the end of 2024, while Czechia would be allowed to do the same until June 2024.

The OPEC countries are not willing to replace Russian oil despite concerns about slower demand in China due to Covid 19.

On Thursday, OPEC + countries committed to the previous plans of increasing output by 432 thousand bpd, decided last June.

Gold Inches Higher As Growth Concerns Resurface

Gold prices inched higher on Friday as global equities fell towards their lowest level in over a year on concerns of an economic slowdown.

Treasury yields were mixed and the dollar held near two-year highs ahead of a spate of important U.S. data due later in the day.

Spot gold edged up 0.3 percent to $1,882.40 per ounce, while U.S. gold futures were up 0.3 percent at $1,881.60.

Equities slumped in the face of inflation and growth concerns. As the yield curve steepens, there are fears that the Federal Reserve is not doing enough to cool inflation.

Investors now await the monthly U.S. jobs data as well as comments by several Fed officials for more clues about the economic outlook.

Economists expect U.S. employment to jump by 391,000 jobs in April after an increase of 431,000 jobs in March. The unemployment rate is expected to edge down to 3.5 percent from 3.6 percent.

MoneyGram Posts Adj. Profit In Q1

MoneyGram International, Inc. (MGI) reported first quarter adjusted earnings per common share of $0.09 compared to a loss of $0.06, prior year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.10, for the quarter. Analysts’ estimates typically exclude special items. Adjusted net income was $8.9 million compared to a loss of $4.5 million.

Net income was $5.1 million or $0.05 per share compared to a loss of $15.4 million or $0.19 per share, prior year.

Total revenue was $307.6 million, a slight decrease on a reported basis or an increase of 2% on a constant currency basis. Money transfer revenue was $284.3 million, a slight decrease, or a 2% increase on a constant currency basis, driven by 4% transaction growth. Analysts on average had estimated $317.68 million in revenue.

“Record high digital revenue, strong customer retention rates and overall international growth drove strong first quarter results. We’re excited to report that digital transactions now account for over 40% of our money transfer business,” said Alex Holmes MoneyGram CEO.

Pre-market Movers: BBIG, IRTC, DPSI, FUBO, BILL…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 07.30 A.M. ET).

In the Green

Vinco Ventures, Inc. (BBIG) is up over 32% at $3.40
iRhythm Technologies, Inc. (IRTC) is up over 22% at $144.23
Decisionpoint Systems, Inc. (DPSI) is up over 21% at $8.50
Funko, Inc. (FNKO) is up over 19% at $19.90
Opendoor Technologies Inc. (OPEN) is up over 13% at $8.11
Quantum Computing, Inc. (QUBT) is up over 13% at $1.90
ChemoCentryx, Inc. (CCXI) is up over 11% at $17.51

In the Red

fuboTV Inc. (FUBO) is down over 20% at $3.29
Bill.com Holdings, Inc. (BILL) is down over 19% at $122.43
Rigetti Computing, Inc. (RGTI) is down over 19% at $5.61
Zillow Group, Inc. (ZG) is down over 14% at $33.31
Zillow Group, Inc. (Z) is down over 13% at $34.36
Cloudflare, Inc. (NET) is down over 12% at $68.47
Arqit Quantum Inc. (ARQQ) is down over 5% at $8.08

'Bottom of the heap': New CNN poll shows Biden's numbers falling further

New York (CNN Business)America’s employers added 428,000 jobs in April, the Bureau of Labor Statistics reported Friday. The unemployment rate held steady at 3.6%.

The days of millions of job gains per month are behind us. That’s partly due to the fact that the recovery has come a long way, and partly due to the worker shortage that makes it hard to hire more people.
This is a developing story. It will be updated.

    US economy sees healthy job growth in April as payrolls jump by 428,000

    US labor secretary on ‘good’ March jobs report

    Labor Secretary Marty Walsh ackowledges there is ‘work to do’ on the jobs front, but argues overall the March employment report was ‘strong.’

    The U.S. economy saw solid job growth in April, suggesting the labor market is still strong despite headwinds from rising interest rates, soaring inflation and a worsening labor shortage.

    Employers added 428,000 jobs in April, the Labor Department said in its monthly payroll report released Friday, beating the 391,000 jobs forecast by Refinitiv economists. The unemployment rate, which is calculated based on a separate survey, held steady at 3.6%, the lowest level since February 2020. 

    This is a developing story. Please check back for updates.