美国4月非农点评：劳动力市场超预期放缓

Employment Data Summary - In April, the U.S. added 175,000 non-farm jobs, with an unemployment rate of 3.9%, indicating a stronger-than-expected slowdown in the labor market[2] - Bloomberg's consensus expected 240,000 new jobs, while the previous month's figure was revised up to 315,000 from 303,000[2][8] - The labor force participation rate remained steady at 62.7%, with an increase of 87,000 in the labor force[8] Market Impact - The weak employment data has stabilized market confidence in the Federal Reserve's interest rate cuts, with the probability of a rate cut in September rising from 61% to 70%[3][32] - Following the employment report, U.S. stocks strengthened, and both the dollar and U.S. Treasury yields declined, indicating a rebound in market risk appetite[2][8] Sector Performance - Job growth in the service sector was 153,000, down from 204,000, with healthcare and education contributing 95,000 jobs, the largest increase[9][55] - The goods-producing sector saw a significant decline, adding only 14,000 jobs compared to 39,000 previously, with mining and logging losing 3,000 jobs[9][55] Wage Trends - The average hourly wage increased by 0.2% month-over-month to $34.75, with a year-over-year growth rate of 3.9%, down from 4.1%[38][62] - Wage growth in the goods sector fell to 5.07%, while the service sector's wage growth decreased to 3.69%[38][62] Broader Economic Indicators - The broader unemployment rate (U6) rose to 7.4%, indicating a growing number of individuals working part-time for economic reasons, suggesting a decline in job quality[29] - Job openings have continued to decline, with the latest JOLTS data showing a vacancy rate of 5.1%, reflecting a cooling demand in the labor market[13][14]