tripledoublepoker|美国4月非农就业人数17.5万：时薪增速降至3.9%，失业率小幅反弹至3.9%

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Us non-farm payrolls increased by 17 per cent in AprilTripledoublepoker. 50,000 people were lower than expected, the unemployment rate rose slightly, the growth rate of hourly wages fell, the job market showed signs of weakness, and the first interest rate cut was expected in the third quarter.

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[us job market weakness, non-farm payrolls fell in April] the latest data released by the Labor Department showed that non-farm payrolls rose by 175000 in April, below market expectations. In addition, the number of new non-farm payrolls added in February and March this year was reduced by a total of 22000.

There has been a sharp drop in new jobs in the leisure hotel industry and the government, leading to an unexpected drop in new non-farm payrolls this month. While the working hours of the week remain basically the same, companies can hire employees without raising wages, and the vacancy rate also fell in March, indicating that labour market demand is cooling.

In terms of industry, new employment in the government, Leisure Inn Hotel and construction fell sharply this month from the previous month, by 64000, 48000 and 31000, respectively. The decline in new jobs in the government and the leisure hotel industry is the main reason for the sharp slowdown in recruitment activity this month.

In the past 12 months, the government and leisure hotel industry added an average of 37000 and 55000 non-farm payrolls per month, respectively, compared with only 5000 and 8000 this month, well below the historical average.

[unemployment rate rebounded slightly, labor force participation rate remained flat] the labor force participation rate recorded 62.7% in April, the same as the previous month, and still 0.4 percentage points lower than the level of 63.3% in January 2020 before the epidemic. The unemployment rate rebounded slightly to 3.9%, up 0.1 percentage points from the previous month, but still below 4%.

While the labour force participation rate remained unchanged this month, the unemployment rate rebounded, pointing to a weakening in the labour market.

[the growth rate of hourly wages continues to decline, and inflationary pressures may fall.] the average hourly wage growth rate of US non-farm payrolls recorded 3.9% year-on-year in April, down from the previous month, and falling below 4% for the first time since August last year. The growth rate of average hourly wages of non-farm payrolls slowed to 0.2% in April compared with the previous month.

As wages are closely related to CPI services in the US except housing, the continued decline in year-on-year growth in hourly wages also means that inflation in non-housing services in the US may fall more smoothly.

[the market expects the Fed to cut interest rates for the first time in September] after the release of non-farm data, the overall path of Fed interest rates moved downward, and the first cut was expected in September. All three major indexes of U. S. stocks rose, the dollar index fell and the yield on 10-year Treasuries fell.

This month's non-farm payrolls data showed that the number of new jobs was lower than expected, the previous value continued to be revised down, the unemployment rate rebounded and the average hourly wage growth rate continued to decline, reflecting a weakening of the strength of the job market.

At present, inflationary pressures are still higher than the Fed expected, the unemployment rate has not rebounded sharply, and the Fed may prefer to maintain high interest rates in the short term. However, the overall pace of expansion of the labour market is slowing, and a slowdown in superimposed hourly wage growth is expected to lead to lower service inflation, with interest rates cut for the first time in the third quarter as the impact of high interest rates on all sectors of the economy is likely to become apparent.

[risk Tip] the US economy fell faster than expected, and the Federal Reserve tightened more than expected.