MARKET DAILY

Market 05/03: Signs of cooling in the labor market

Unemployment rate rises - market expects 2 rate cuts in 2024. Services PMI declines in April - Lowest business activity in 4 years.

Dan Khuong Linh
Dan Khuong Linh

Job growth much lower than expected in both Nonfarm Payrolls NFP and Household Survey: Labor demand has eased

Nonfarm Payrolls (NFP) increase +175,000 jobs in April, nearly half from previous month (315,000) and lowest since October 2023.

This figure also more than 2 standard deviations (2x sigma) below average forecast of +240,000.

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