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US jobs strength continues despite survey weakness
US non-farm payrolls rose 303k in March versus the 214k consensus while there were 22k of upward revisions to the past two months of data. 303k was higher than anyone was forecasting in the surveys (74 forecasts of which the high was 290k). The unemployment rate came in at 3.8%, down from 3.9% and average hourly earning rose 0.3% month-on-month/4.1% year-on-year. Undeniably strong throughout with interest rate cut expectations unsurprisingly receding on this newsflow. The details show private payrolls rose 232k with manufacturing flat on the month, construction adding 39k, private education and health up 88k, leisure ... (full story)
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