CIBC Research comments on today’s US April jobs reports which showed non-farm payrolls at 211k and the unemployment rate at 4.4%.
CIBC argues that the turnaround in today’s print got the ball rolling for a Fed hike in June, but notes that the only real disappointment was on the annual rate of wage growth which declined to 2.5%.
“Overall, the headline gain in payrolls and decrease in unemployment rate is a step in the right direction, however the wage figures might limit some of the market reaction,” CIBC concludes.
Source: CIBC Economics – CIBC Capital Markets
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