CIBC Research discusses its reaction to today's US jobs report for the month of April.
"US employment continues to roar ahead, with the 263K gain in April coming in well above the consensus forecast (190K), and the unemployment rate falling two ticks to 3.6%.
However, the details of the report weren't quite so encouraging, with the decline in the unemployment rate driven largely by a fall in the labour force within the household survey, meanwhile on the establishment survey a slight tick down in average working hours meant that, despite the strong job growth, aggregate hours were down slightly on the month. Also, wage growth came in a little light of expectations at 0.2% on the month and 3.2% year-over-year," CIBC notes.
"The mixed messages mean that reaction to the report will likely be limited," CIBC adds.