Summary: US non-farm payrolls up 175,000 in April, below expectations; previous two months’ figures revised down by 22,000; Westpac: US labour market cooling; jobless rate ticks up to 3.9%, participation rate steady at 62.7%; US Treasury yields down; expectations of Fed rate cuts firm; employed-to-population ratio falls to 60.2%; underutilisation rate ticks up to 7.4%; annual hourly pay growth slows to 3.9%. The US economy ceased producing jobs in net...