Continued US job creation “inconsistent with Fed inflation view”

Summary: Non-farm payrolls increase by 428,000 in April; slightly greater than expected figure; previous two months’ figures revised down by 39,000; jobless rate steady at 3.6%, participation rate down; jobs creation inconsistent with Fed's inflation view if continues; jobs-to-population ratio declines; underutilisation rate ticks up to 7.0%; annual hourly pay growth slows to 5.5%; small fall in participation rate implies no increase in labour supply, will underpin wages growth. The...

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