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Unexpected weakness a temporary blip

The well below consensus 126,000 increase in non-farm payrolls in March, particularly when combined with the 69,000 downward revision to earlier gains, will raise fears that the labour market is imploding. It isn't. That said, a slowdown in the pace of employment growth might delay the Fed's first rate hike until September, particularly when added to the signs of slower first-quarter GDP growth.

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