We estimate non-farm payrolls increased by 170,000 in April, below the consensus estimate of 190,000.
We estimate the unemployment increased to 4.6% and that average hourly earnings increased 0.2% m/m, implying a fall in the wage growth rate from 2.7% y/y to 2.6% y/y.
The Fed has always highlighted that developments in the labour market are a crucial determinant of its hiking pace. However, PCE core inflation has stabilised below the 2% target.
To read the entire report Please click on the pdf File Below