Every AI newsletterpennfierceiii8000liveliner, China International Capital Macroeconomic Research Report pointed out that the United States added 17% of non-agricultural jobs in Aprilpennfierceiii8000liveliner.50,000 people were below market expectations. The unemployment rate rose slightly, and the growth rate of hourly wages slowed down. We believe this data shows that the U.S. labor market has cooled down and is not developing in the direction of overheating. A fall in wage growth may not be a bad thing. It brings hope to alleviate service inflation. For the market, the non-agricultural cooling will help reduce concerns about interest rate hikes, improve favorable risk appetite, and also reduce the pressure on Japan and emerging market exchange rates. However, non-agricultural data is not weak enough to require preventive interest rate cuts. When to cut interest rates in the future still depends on the trend of inflation.
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