The April US employment report pointed to a cooler labour market than expected, with headline payrolls growth sub-expectations, and unemployment ticking higher, as earnings pressures continued to ease.
Headline nonfarm payrolls rose by 175k in April, marginally below consensus expectations for a +240k rise, though well within the always-wide forecast range, of +145k to +280k.
On an annual basis, earnings rose by 3.9% YoY, down from 4.1% YoY in March, continuing to represent a modest pace of real earnings growth relatively consistent with the Fed's 2% inflation target.
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