Summary:
U.S. employers boosted hiring in April while raising wages for workers, pointing to sustained labor market strength. NFP are expected to rise by 190,000 in May, a cooling of the surprise gain of 253,000 jobs created in April.
NFP(Changes in non-farm payrolls)
02/06/2023 (Friday)
Previous (April):253k Forecast: 190k
U.S. employers boosted hiring in April while raising wages for workers, pointing to sustained labor market strength. NFP are expected to rise by 190,000 in May, a cooling of the surprise gain of 253,000 jobs created in April.
Average hourly earnings increased by 0.5% on a monthly basis up from 0.3% in March, bringing the annual rate back to 4.4% from 4.3% previously. This print in particular doesn’t bode well for the Fed in the fight against inflation.
But U.S. economic activity appeared to stall in recent weeks, a Federal Reserve report published on showed, with job growth and inflation both slowing, and near-term business prospects looking slightly worse than previously.
Global stocks rose on Wednesday, fueled by new US policies and strong corporate earnings, boosting investor confidence.
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