US Jobs Number Smashes Estimates, Canada’s… Doesn’t
The US job creation engine accelerated in March, further lowering market-implied odds on rate cuts in the back half of the year. According to data released by the Bureau of Labor Statistics this morning, 303,000 jobs were added in the month, with the unemployment rate falling to 3.8 percent, and average hourly earnings climbing 0.3 percent month-over-month. Ahead of the release, consensus estimates had pointed to a circa-215,000-position gain, and no major forecaster had anticipated a print above the 270,000 mark. Hours worked – often considered a better measure of underlying labour market trends – ticked higher to 34, surprising...