US NFP: Job creation remained strong in April – UOB

Pablo Piovano FXStreet

Senior Economist at UOB Group Alvin Liew reviews the latest Nonfarm Payrolls figures for the month of April (May 6).

Key Takeaways

“The Apr US employment report showed a gain of 428,000 jobs (above 400,000 for the 12th month in a row) while the unemployment rate stayed at 3.6%, unchanged from Mar and a hair’s length from pre-pandemic level of 3.5%.”

“Wage growth continued to rise amidst growing demand and persistent worker shortages but markets were somewhat relieved that the rise was at a slower pace of 0.3% m/m, 5.5% y/y in Apr (easing from 0.5% m/m, 5.6% y/y in Mar) despite hiring challenges.”

“US employment gains in 2022 to date continues to fuel labor market optimism, while persistent wage increases will still put the threat of wage-price spiral in focus amidst on-going inflation worries due to commodity price surges and supply chain disruptions.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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