The US jobs data for March was released at 1:30 pm BST. NFP report showed 701k drop in employment (exp. -100k) and, in turn, the US labour market snapped a record 113-month long streak of increases. Unemployment rate jumped to 4.4% (exp. 3.9%). US500 dropped on the release but reversed the drop later on.
However, the report was based mostly on actual data from the first half of March therefore it understates the impact of the coronavirus pandemic on the US labour market. NFP reports starting from April should better reflect the situation.
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The US labour market registered the first decrease in employment since 2010. Source: XTB Research
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