Job Market Cools In April: Payrolls Miss Forecasts, Wages Rise Less Than Expected
Job Market Cools In April: Payrolls Miss Forecasts, Wages Rise Less Than Expected
The April performance of the U.S. labor market missed expectations, providing some evidence of cooling economic momentum and potentially leaving the door open for interest rate reductions later this year.
4月份美国劳动力市场的表现未达到预期，这为经济势头降温提供了一些证据，并有可能为今年晚些时候的降息敞开大门。
U.S. employers added 175,000 nonfarm payrolls in April, marking a reduction from the upwardly revised 315,000 reading in March and missing the expected 238,000, the Bureau of Labor Statistics said Friday.
美国劳工统计局周五表示，4月份美国雇主增加了17.5万个非农就业人数，与3月份向上修正的31.5万人相比有所下降，未达到预期的23.8万个。
April Jobs Report: Key Highlights
四月就业报告：主要亮点
- Nonfarm payrolls increased by 175,000 on the month, marking a slowdown from March's 315,000 and falling short of economists' expectations for a 238,000 increase.
- The unemployment rate went from 3.8% to 3.9%, more than the expected 3.8%.
- Average hourly earnings edged down from 4.1% to 3.9% compared to April 2023, falling more than the expected dip to 4%.
- On a monthly basis, hourly earnings advanced at a 0.2% pace, decelerating from the both the previous and expected 0.3%.
- 本月非农就业人数增加了17.5万人，较3月份的31.5万人有所放缓，也没有达到经济学家对23.8万人的预期。
- 失业率从3.8％上升到3.9％，超过预期的3.8％。
- 与2023年4月相比，平均小时收入从4.1％小幅下降至3.9％，降幅超过预期的4％。
- 按月计算，每小时收入以0.2％的速度增长，低于之前和预期的0.3％。
| Measure | April 2024 | Estimate | March 2024 |
|---|---|---|---|
| Nonfarm payrolls | 175,000 | 238,000 | 315,000 (revised up from 303,000) |
| Unemployment rate | 3.9% | 3.8% | 3.8% |
| Wage growth (YoY) | 3.9% | 4.0% | 4.1% |
| 测量 | 2024 年 4 月 | 估计 | 2024 年 3 月 |
|---|---|---|---|
| 非农就业人数 | 175,000 | 238,000 | 315,000 （从 303,000 上修订） |
| 失业率 | 3.9% | 3.8% | 3.8% |
| 工资增长（同比） | 3.9% | 4.0% | 4.1% |
Market Reactions
市场反应
The surprisingly cooler jobs report suggests looser labor market conditions in the U.S. economy, renewing investor optimism for potential interest rate cuts later this year.
就业报告出人意料地降温，表明美国经济的劳动力市场状况更加宽松，这再次激发了投资者对今年晚些时候可能降息的乐观情绪。
Consequently, Treasury yields dropped across the board immediately after the report, reflecting investor expectations of forthcoming rate reductions. The two-year yield, which is sensitive to policy changes, slipped from 4.86% to 4.72%.
因此，美国国债收益率在报告发布后立即全面下降，反映了投资者对即将降息的预期。对政策变化敏感的两年期收益率从4.86％下滑至4.72％。
The U.S. dollar index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), declined by 0.7%.
景顺数据库美元指数看涨基金ETF（纽约证券交易所代码：UUP）追踪的美元指数（DXY）下跌0.7％。
Futures on U.S. major averages trended higher during premarket trading on Friday. Contracts on the S&P 500 were 0.4% higher at 8:40 a.m., while Nasdaq 100 futures rose 0.5%.
周五盘前交易中，美国主要平均指数期货走高。上午8点40分，标准普尔500指数的合约上涨了0.4％，而纳斯达克100指数期货上涨了0.5％。
On Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) closed 0.9% higher.
周四，SPDR标准普尔500指数ETF信托基金（纽约证券交易所代码：SPY）收盘上涨0.9％。
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