Summary:
- The US employment increased by 263k
- Wage growth stalls at 3.2% YoY
- US500 moves slightly higher, EURUSD erases part of a drop
The NFP report showed another solid increase in the US employment. The US economy added 236k jobs in April following an addition of 189k in March (downward revision from 196k). This was the biggest increase in the US employment since January when the economy added 311k jobs. On the other hand, wage growth disappointed by failing to accelerate to 3.3% YoY. Such mix is a good one for stocks as sluggish wage growth is unlikely to boost inflation and Fed has little space to tighten.
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US500 moved slightly higher on the back of strong employment increase. Moreover, disappointing wage growth is also boosting stocks as it makes rate hike less probable. Source: xStation5
