US Job Gains Slow, Reassuring Markets, While Pointing to Weaker Growth
The US job creation engine decelerated in April, relieving financial markets, but pointing to economic turbulence ahead. According to data released by the Bureau of Labor Statistics this morning, 175,000 jobs were added in the month, undershooting the 240,000 consensus forecast, and missing the 200,000 that is now believed sufficient to offset net growth in the labour force. Revisions to the prior months saw overall gains lowered by a total 22,000 positions. The unemployment rate rose to 3.9 percent – above the 3.8 percent expected – and wage gains slowed, helping ease inflation fears. Average hourly earnings climbed 0.2 percent...