Upbeat NFP Data Sees Little USD Reaction
- The US economy added 428k jobs in April, compared to the 431k increase in March and above market expectations of 385k.
- The jobless rate remained unchanged at 3.6% and above market estimates of 3.5%.
- Closely watched wage growth fell to 5.5% YoY, from 5.6% increase in March and in line with market expectations.
Still, economists believe the labour market could soon start to slowdown as the economy gets close to full employment, which would provide some relief to hot wage growth at a time inflation is running at levels not seen since 1981.
Simultaneously to the release of US data, the Canadian labour report for April was released. However USDCAD pair barely reacted to the release to today’s data releases. Source: xStation5