Nothing's right, nothing's wrong for the Fed

A record rise in US payrolls could bring rate hikes forward if continued. But the separate unemployment survey shows a fall in participation and complicates the Federal Reserve’s outlook.

The unemployment rate is down to 6.3 per cent but the US shouldn’t get ahead of itself – its labour market still has a long way to go before rates will rise.

Non-farm payrolls rose by 288,000 in April, easily beating expectations, following solid gains over the previous three months. The monthly gain was the strongest since January 2012.


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