🇺🇸❗️Cable FX Macro Weekly Note: U.S. April Non Farm Payrolls

**As seen in Risk In The Week report 04/29/25, get access now! cablefxm.co.uk

In March, the U.S. jobs market added 228,000 jobs, surpassing the consensus forecast of around 135,000 to 140,000. This marked a significant rebound from February’s revised figure of 117,000 (down from an initial 151,000). The unemployment rate rose slightly to 4.2%, compared to expectations of it holding steady at 4.1%. Federal government employment dropped by 4,000, following an 11,000 decline in February. Average hourly earnings rose by 0.3% month-over-month to $36.00, with annual wage growth at 3.8%, the lowest since July 2024.

The desk at CIBC expects a weak report with just 115K jobs gain in the month but that is mostly due to the impact of the DOGE resignations and firing of contractors showing up in the month. Also, CIBC sees the unemployment rate steady at 4.2%. Analysts at ING warned that slower hiring is likely to translate into a smaller than expected jobs addition and a higher unemployment rate over time.