US jobs data beats expectations for second month in a row

US nonfarm payrolls rose by more than economists expected in April, the second consecutive month employers have surprised to the upside. The Bureau of Labor Statistics figure, released Friday, kept the unemployment rate steady and showed solid hiring in healthcare, leisure and construction even as the Iran war pushed oil and freight costs higher.

The data complicates the Federal Reserve's path. Chair Jerome Powell has signalled the central bank would only cut rates once it is confident inflation is back on track, but resilient hiring leaves little urgency to ease. MarketWatch noted that Trump's renewed pressure for lower borrowing costs is unlikely to gain traction while jobs growth stays this firm.

Markets reacted in muted fashion. The dollar firmed, two-year Treasury yields edged up, and stock futures slipped as traders trimmed near-term cut bets. Bank of America economists said the print 'reinforces a higher-for-longer stance' and the Iran-driven energy shock now matters as much as labour data.