US non-farm payrolls rose 160k in April with the unemployment rate holding steady at 5.0%. The 215k increase in March jobs was revised down to 208k, with February’s 245k now at 233k, for a net 19k downward adjustment. Average hourly earnings were up 0.3% compared to the prior 0.2% gain (revised from 0.3%) with February now unchanged versus the -0.1% previously.
The workweek ticked up to 34.5 from 34.4. Household employment dropped 316k, with the labor force off 362k. The labor force participation rate slipped to 62.8% versus 63.0%. As for other details, private payrolls increased 171k, with modest gains of 1k in construction and 4k in manufacturing, with the goods sector dropping 3k. Jobs in the service sector increased 174k, paced by business services (65k) and education (54k). Government employment declined 9k. The report is on the disappointing side of expectations, but it doesn’t shut the door on a June Fed rate hike.
I wrote earlier that “I will be looking for sell signals between 1.1453 and 1.1474 with T1 at 1.1409 – 1.1425 bracket and T2 at 1.1360 – 1.1377 range.” Market moved slightly above my sell area and then reversed providing an opportunity to sell EURUSD. By the time of writing market has moved to my Target 1.
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Chief Market Analyst
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