The April labour market report is very much reassuring, as job creations reaccelerated while past data were revised upwards. The economy created 165k new positions in April (and 138k in March versus a preliminary estimate of 88k), with some 176k for the private sector. As for the breakdown, the report shows flat manufacturing payrolls, a limited decline in construction (6k, after a cumulative increase of 181k since June last year) and some dynamism in the private-service industries (185k).
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BNP Paribas