United States non-farm payrolls rose 228k in April, compared to a downwardly revise 85k in March. The unemployment rate of 5.4% matched expectations as well as the March result, while hourly earnings growth was disappointing at 0.1%. The data confirms a lot of the Q1 softness was due to one-time negatives, but without wage growth there’s nothing in this report to bring forward Fed tightening expectations.
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