Employment Data - In April, the U.S. added 177,000 non-farm jobs, a slowdown from March but still above market expectations of 138,000[4] - The labor force participation rate increased slightly to 62.6%, while the unemployment rate remained stable at 4.2%[4] - The average hourly wage growth year-on-year was 3.8%, showing a slight decline from the previous month[6] Sector Contributions - The construction sector contributed significantly with 11,000 new jobs, while manufacturing saw a negative change in employment numbers[5] - Service industries accounted for 88.1% of new jobs, with notable growth in transportation and warehousing, likely driven by pre-tariff import activities[5] Economic Outlook - The Federal Reserve is unlikely to lower interest rates in the short term, with market expectations for a rate cut now pushed to July[4] - The impact of current tariff policies on the U.S. economy has yet to be fully realized, and "stagflation" risks will be a key focus in the second quarter[4][13] Long-term Unemployment - The proportion of long-term unemployed individuals rose to 55.5%, the highest since December 2021, indicating a concerning trend in the labor market[11]
2025年4月美国非农数据点评：就业暂稳，“滞胀”风险仍存
Haitong Securities International·2025-05-06 05:43