April Payrolls Rise More Than Expected But Wage Growth Slows

With bulls hoping and praying for a terrible payrolls print – ideally something in the mins 1 million range – and for a big slowdown in wage growth, moments ago the BLS reported a mixed bag for April data, with headline payrolls rising 428K, above the 380K expected (which is in the “good news is bad news” camp), however at the same time average hourly earnings rose 0.3%, below the 0.4% expected (and 0.5% March increase) while the unemployment rate was flat at 3.6%, above the 3.5% expected (both of which are “bad news is good news”).


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