While the 199,000 gain in non-farm payrolls once again disappointed the consensus, a much larger gain in the household measure of employment and a tepid rise in participation pushed the unemployment rate back below 4%. Together with another exceptionally strong monthly increase in wages, that raises the odds the Fed brings forward plans to raise interest rates and run down its balance sheet this year.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.