US April job increase beats estimates; revisions cut Feb, Mar numbers

05 May 2023

 

Summary: Non-farm payrolls up 253,000 in April, greater than expected; previous two months’ figures revised down by 149,000; jobless rate down from 3.5% to 3.4%, participation rate unchanged at 62.6%; NAB: evidence of easing in US labour market conditions; employed-to-population ratio unchanged; underutilisation rate down from 6.7% to 6.6%; annual hourly pay growth accelerates to 4.4%. The US economy ceased producing jobs in net terms as infection controls began to...

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