After reporting stronger than expected job growth over the past several months, the Labor Department released a report on Friday showing employment in the U.S. increased by much less than expected in the month of April.
The Labor Department said non-farm payroll employment climbed by 175,000 jobs in April after surging by an upwardly revised 315,000 jobs in March.
Economists had expected employment to jump by 243,000 jobs compared to the spike of 303,000 jobs originally reported for the previous month.
The report also showed the unemployment rate crept up to 3.9 percent in April from 3.8 percent in March. The unemployment rate was expected to remain unchanged.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on service sector activity in the month of April.
The ISM’s services PMI is expected to inch up to 52.0 in April from 51.4 in March, with a reading above 50 indicating growth.
New York Federal Reserve President John Williams and Chicago Federal Reserve President Austan Goolsbee are due to participate in a panel before a “Getting Global Monetary Policy on Track” event hosted by the Hoover Institution at Stanford University at 7:45 pm ET.