After a disappointing February, Non-Farm Payrolls beat expectations with 196,000 jobs added in March. February’s disappointing number of 20,000 was revised up to 33,000. However, wage growth slowed to 3.2%. There was also a surprise fall in manufacturing jobs, which were expected to increase by 10,000, but instead fell by 6000, potentially signalling that America’s tough stance on trade is taking its toll.
Despite finishing on a strong note at the end of Friday, the dollar is weaker this morning due to the slip in wage growth. The market also looks ahead to the minutes of the Federal Reserve’s March meeting, which will take place later this week.
In US-China trade news, China will release inflation and trade balance data on Thursday and Friday. This is sure to be scrutinised by investors who will be keen to see how US tariffs have affected the Chinese economy.
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