Summary:
U.S. April nonfarm job growth was below expectations, and the unemployment rate rose, raising the likelihood of a Fed rate cut soon.
April NFP (Nonfarm Payroll)
7/6/2024 (Fri)
Previous (Apr): 175k Forecast: 190k
The US economy added fewer jobs than expected in April while the unemployment rate rose, lifting hopes that the Fed will be able to cut interest rates in the coming months.
Moreover, average hourly earnings rose 0.2% from the previous month and 3.9% from a year ago, both below consensus estimates and an encouraging sign for inflation.
US economy grew at an annualised pace of 1.3% during Q1, down from a first reading in April of 1.6% growth. That primarily reflected a downward revision to consumer spending.
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