U.S. job gains beat forecasts; S&P 500 logs sixth record

The Bureau of Labor Statistics reported the U.S. economy added 115,000 payrolls in April, above the 46,000 forecast. The unemployment rate remained at 4.3%. March payrolls were revised up to a gain of 185,000 and February was revised to a loss of 156,000. Combining the revisions and recent data yields an average monthly gain of about 76,000 jobs at the start of 2026.

Private-sector hiring data from the ADP National Employment Report showed private payrolls rose by 109,000 in April, the largest monthly increase since January 2025 and the tenth consecutive month of private-sector expansion. Small employers and very large firms accounted for a combined 85,000 of the additions, while mid-size companies added fewer workers.

The Labor Department’s March Job Openings and Labor Turnover Survey showed a rise in hiring to its highest level since February 2024 even as job openings eased to 6.866 million. That openings figure was slightly above forecasts. The ratio of job openings to unemployed workers moved to 0.95, indicating slightly more job seekers than available positions.

Equity markets responded with the S&P 500 advancing about 2.3% for the week and closing at a sixth consecutive weekly record, testing the 7,400 level. The SPDR S&P 500 ETF Trust tracked the index closely, while the S&P Equal Weight Index and its ETF rose more modestly. Treasury yields finished the week with the 10-year note at 4.38% and the 2-year at 3.90%.

Traders placed a strong probability on the Federal Reserve keeping its policy rate unchanged at the next meeting, with the CME FedWatch Tool showing a 94% chance of no change and a small chance of a 25-basis-point cut. Current market pricing indicates little likelihood of additional rate moves through the end of 2026 and into 2027.

Investors and policymakers will monitor upcoming data for signs of inflation and consumer demand. Key releases this week include April’s Consumer Price Index and Producer Price Index, April retail sales and industrial production, weekly jobless claims, existing home sales and the NFIB Small Business Optimism Index.