Nonfarm Payroll

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Markets were dominated by inflation and growth concerns, feeding fears over the possibility of stagflation. The trigger could have been data from the US on rising labor costs combined with a sharp decline in productivity. In fact, according to the US Bureau of Labor Statistics, in the first quarter of 2022, employment cost index increased 1.4% (from 1% in the previous quarter), while labor productivity was down 7.5%, the lowest level since 1947.

The ADP employment report released on Wednesday stated that the US nonfarm private sector added 247.000 jobs in April 2022, lower than the forecast of 395.000. Today, the focus is on the employment report released by the US Bureau of Labor Statistics. Nonfarm payrolls rose by 428.000 in April, higher than the market forecast of 391.000, but the same as the downwardly revised data of the previous month. The US unemployment rate stayed at 3.6%. In April, the average hourly wage for all employees on private nonfarm payrolls increased by 10 cents (0.3%) to $31.85.

The labor market continues to be strong, making it very unlikely for the FED to abandon its hawkish path of interest rate hikes.

This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Aleph Finance, or its affiliates.

Aleph Finance is a trading name of UCapital Asset Management LLP.

UCapital Asset Management is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
UCapital Asset Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.

Registered Company number OC333807.

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Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

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Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

For further information, please read our Legal Documents.

Decline