Solid Jobs and Weaker Details

The April jobs report showed headline payroll gains of 115k, beating expectations, but also a rise in the unemployment rate to 4.34% and cooling wage growth of 3.6%. These mixed signals suggest the Federal Reserve will maintain its current interest rate levels while monitoring for further signs of economic cooling.

Key Takeaways

• 1.April headline payroll growth was solid at 115k, significantly beating expectations of 65k.
• 2.The household survey revealed underlying weakness, with the unemployment rate rising to 4.34%.
• 3.Wage growth slowed to 3.6% YoY, suggesting labor cost pressures are not reaccelerating.

Table of Contents

• Solid jobs, weaker details. Fed on hold for now
• Global asset class preferences definitions
• Appendix
• Risk information
• Generic investment research – Risk information

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