Employment Report (Apr.)

The 253,000 gain in non-farm payrolls in April suggests that the labour market remains resilient despite the banking sector turmoil and broader signs of an economic slowdown. That said, the stronger-than-expected April gain was offset by sharp downward revisions to previous months. In any case, we doubt it will have the Fed reconsidering its plans for a pause given the wider evidence that labour market conditions are cooling.