U.S. added 115K jobs in April, nearly doubling expectations

The data comes ahead of what's expected to be a new Federal Reserve chairman taking the reins at the U.S. central bank later this month.

What to know:

• The U.S. jobs report for April was stronger than expected.
• Bitcoin was holding at $80,200 in the minutes following the release.
• The news comes ahead of the confirmation of a new Fed chairman, Kevin Warsh, expected later this month.

The U.S. labor market continued to show at least modest strength in April, according to data released Friday by the Bureau of Labor Statistics.

The economy added 115,000 jobs during the month, well above economist expectations for 62,000, though down from 185,000 in March (revised from an originally reported 178,000).

The unemployment rate remained at 4.3%, in line with forecasts.

Bitcoin BTC$80,025.84 traded at $80,200 in the minutes after the release, roughly flat over the past 24 hours. U.S. stock index futures added to earlier gains, the Nasdaq 100 higher by 0.9%. The 10-year Treasury yield fell 2 basis points to 4.37%.

The report arrives at a delicate moment for markets and policymakers. Last week, the Federal Reserve left its benchmark fed funds rate range unchanged at 3.50%-3.75%, extending its holding pattern as officials weigh slowing economic growth against persistent inflation pressures.

The data also comes ahead of a new chairman taking the reins at the Fed, with Kevin Warsh expected to soon be confirmed by the Senate to replace Jerome Powell later this month.

Though off their highs, oil prices have remained elevated, with uncertainty around the Strait of Hormuz keeping energy markets on edge. Higher crude prices risk feeding into headline inflation while also weighing on consumer spending and economic activity.

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