Nonfarm payrolls fell 539,000 in April, versus the estimate of a 600,000 decline. March was downwardly revised to -699,000, while February was revised from -651,000 to -681,000. The unemployment rate rose from 8.5% to 8.9%, in line with the consensus forecast. Average hourly earnings rose 0.1%, below the Street's forecast of 0.2%. More from Bloomberg...
The government reported the results of the stress tests on the 19 largest US banks, conducted to estimate the range of possible losses banks could suffer over the next years if the economy continues to deteriorate. The report revealed that 10 of the firms that were put through the tests needed to address a total of $74.6 billion in capital shortfalls.
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