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April nonfarm payrolls rose 115,000, beating consensus and marking back-to-back monthly gains for the first time since last May.

Unemployment and underemployment rates ticked higher, while average hourly earnings growth slowed to 3.6% year-over-year, below inflation.

Job gains remain concentrated in non-cyclical sectors, with manufacturing and government payrolls declining in April.

Equity futures rallied post-report; upcoming macro data, including CPI and retail sales, will be pivotal for market direction.

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U.S. nonfarm payrolls rose 115,000 in April, above the 63,000-consensus estimate, though down from March’s revised 185,000 gain. Still, it was the first set of back-to-back employment increases since last May.…