Job Growth Slowed by More Than Expected
Job growth slowed by much more than expected in April, fueling visions of multiple rate cuts this year and sending the stock market soaring.
Payrolls grew by a seasonally adjusted 175,000 in April, the Labor Department said Friday. This was far less than the upwardly revised 315,000 in March and below the 240,000 or so economists had forecast.
Since payroll figures have consistently exceeded estimates, this was something of a shock to markets. The print was weaker than the lowest forecast in the Econoday survey of 190,000. In other words, no one saw this coming—which helps explain why the markets reacted so strongly to the news.
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