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U.S. Hiring Slowed to 175,000 New Jobs in April
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e slowdown marked a break from a string of data showing surprising strength in the labor market, keeping hopes of a late-summer rate cut alive. Wage growth was also less than anticipated.2645 min read
e slowdown marked a break from a string of data showing surprising strength in the labor market, keeping hopes of a late-summer rate cut alive. Wage growth was also less than anticipated.2645 min read
U.S. Hiring Slowed to 175000 Jobs in April
US adds 175000 April jobs as hiring slows and ...
Employers added 175000 jobs in April, marking a ...
US employers scaled back hiring in April but still added ...
Fed Not Yet Pivoting Despite Deteriorating U.S. Economy | GoldBroker.com
El-Erian Says ‘Goldilocks’ Jobs Report to Please Fed, Markets
(Bloomberg) -- A cooling of the labor market should provide welcome relief for the Federal Reserve as it looks to ease the US economy into a soft landing, Mohamed El-Erian said after the release of April US jobs data.
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“A goldilocks report that will please the Fed and please the markets,” El-Erian, the president of Queens’ College, Cambridge and a Bloomberg Opinion columnist, told Bloomberg Television on Friday.
The data showed that employers dialed back the pace of job creation in April, with a reading of nonfarm payrolls climbing 175,000 last month versus the 240,000 forecast by economists. The unemployment rate rose to 3.9%, while a snapshot of monthly wage growth slipped to 0.2% from March.
“I’m not particularly surprised on the miss on job creation, because we have been running at very high levels for the year,” El-Erian said. “I’m a little surprised on the wage, the 0.2%, that is the one that surprises me. That’s something that one needs to look at much more closely.”
Read more: Treasuries Soar as Traders Pull Forward Fed Cuts After Jobs Miss
After the release on Friday, US Treasuries surged across the curve, with most yields rising more than 10 basis points. A Bloomberg gauge of the dollar retreated, while equity futures rallied.
--With assistance from Lisa Abramowicz, Jonathan Ferro and Annmarie Hordern.
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