Headline Non Farm Payrolls release missed estimates at a +266K monthly jobs change. This is far worse than the low end of estimates which we noted last night at 700K. Unemployment ticked higher in April to 6.1% from 5.8%.
Breaking down the report we saw monthly gains in leisure and hospitality leading the rest of the industries, which falls in line with the re-opening of states. Temporary labor and business shed the most jobs during the month. In terms of unemployment rates, white unemployment dropped by 1bp to 5.3%, hispanic or latino unemployment remained unchanged at 7.9%.
On the release, we saw down ticks in USD vs G10 peers. As of time of writing, scandi FX currencies lead the gains vs USD, followed by AUD and EUR. CAD is unchanged vs the dollar. Dollar weakness is not contained in the G10, it is also trading soft vs EMFX, USD/MXN trades below 20.0, down 0.7%, USD/CNH eyes 2021 lows, down 0.7%.
*TREASURIES SURGE ON WEAK APRIL JOBS DATA; 10Y YIELD 1.48%
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