CIBC Research discusses its reaction to today's NFP report for the month of March.
"Hiring slowed in the US in March, but the pace was still solid, with 431K jobs being added. That was slightly below the consensus forecast of 490K, but the positive revisions to the prior two months totaling 95K offset the slight miss. Hiring was tilted towards services that are seeing demand recover as Covid fades, as the leisure and hospitality sector led the job gains, adding 112K jobs, while business services were also a strong contributor. The unemployment rate fell by a tick more than expected, to 3.6% from 3.8%, as the household survey showed a more robust 739K gain in jobs," CIBC notes.
"Overall, this report is on the firmer side judging from the wages and unemployment figures, and is consistent with expectations for a 50bps hike at the next FOMC," CIBC adds.