The April employment report was cooler than economists had been expecting, with the US adding 175,000 jobs compared to the estimated 240,000.
Citi Senior Global Economist Robert Sockin and State Street Global Markets Senior Global Multi-Asset Strategist Dan Gerard join Morning Brief to discuss the April report.
Sockin notes that the unemployment rate remains at a relatively low level, despite rising to 3.9% in April. The United States added fewer jobs than predicted and wage growth slowed, which Sockin explains may be indicative of "a moderating job market rather than a job market that’s falling off a cliff" and could be "good news" for the Federal Reserve.
Gerard notes that the jobs report is still "a pretty decent number given where rates are," especially as post-pandemic normalization is still underway.
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