“Solid” US labour market challenges rate cut expectations

Summary: Non-farm payrolls up 236,000 in March, in line with expectations; previous two months’ figures revised down by 17,000; jobless rate down from 3.6% to 3.5%, participation rate up; labour market “solid”, challenges market pricing of rate cuts; employed-to-population ratio rises; underutilisation rate down; annual hourly pay growth slows. The US economy ceased producing jobs in net terms as infection controls began to be implemented in March 2020. The unemployment...

read full story