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Free AccessMacro Developments Since March FOMC - Labor [1/2]
- Payrolls at a headline level were about as close to expectations as we see in March, increasing a seasonally adjusted 236k and with minimal downward revisions, but there were various caveats to consider.
- Notably, the overall figure was again boosted by strong public sector job creation plus a potentially favorable seasonal factor which some analysts saw as adding to the tune of 100k.
- The unemployment rate meanwhile surprisingly fell back to 3.50% for close to multi-decade lows but participation again improved with the overall rate at a fresh post-pandemic high and the prime-age participation rate consolidating February’s increase to pre-pandemic recent highs of 83.1%.
- Other factors offered a moderating trend, with both AHE growth and weekly hours worked broadly continuing their downtrend.
- However, and notably, the still-solid jobs data contrasted with nearly every alternate labor indicator coming in softer in the run up to the release and in turn saw a hawkish reaction in Fed pricing with the May decision at the time seen tilting to more than a 50/50 likelihood of a 25bp hike.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.