**As seen in Risk In The Week report 05/27/2022, cablefxm.co.uk/reports
April Non Farm Payrolls topped the consensus forecast of 380K at 428K, the pace of job growth was unchanged as the previous reading was revised to 428K. The unemployment rate stayed unchanged at 3.6%, however, the estimate was for a 3.5%. Unemployment rate among white was steady at 3.2%, African Am. ticked lower to 5.9% from 6.2%, Hispanic unemployment rate came at 4.1% from a previous 4.2%. Average hourly earnings printed at 0.3% M/M, this was faster than the previous 0.2%, the Y/Y reading came at 4.6%. Transportation and leisure saw the largest monthly rises in hourly earnings, at 1.3% and 0.9%, respectively. The desk at Wells Fargo says that the employment picture is set to recover as households savings feel the impact from inflation and people are pulled back into the job market. The desk notes that an increase of 325K jobs would mark a moderation from the jobs gains seen during the last couple of months, Wells Fargo stands in line with consensus and sees the unemployment rate ticking lower to 3.5%. Lastly, Wells Fargo notes that as workers come back to the labour force and compete for jobs, this would help ease wage rise pressures. The forecast range goes from 250K to 450K, according to data compiled by Bloomberg.
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