#非农就业数据来袭

The U.S. Department of Labor released the April non-farm payroll report on May 2, 2025, showing that the U.S. added 177,000 non-farm jobs, significantly higher than the market expectation of 138,000, although slightly down from the revised 185,000 in March.

Overview of April Non-Farm Employment Data

• New jobs added: 177,000, exceeding the expected 138,000.

• Unemployment rate: Remained at 4.2%, unchanged from the previous value.

• Average hourly wage: Year-on-year growth of 3.8%, month-on-month growth of 0.2%, both below expectations.

• Data revision for the previous two months: The job growth data for February and March was revised down by a total of 58,000.

Industry Performance and Trends

• Healthcare: New jobs added 51,000, continuing to lead.

• Transportation and Warehousing: New jobs added 29,000, the largest increase since December of last year.

• Financial activities: New jobs added 14,000, indicating robust growth in the financial services sector.

• Manufacturing: Employment decreased by 1,000, reflecting the challenges faced by the industry.

• Federal Government: Employment decreased by 9,000, marking the third consecutive month of layoffs, primarily influenced by the "Department of Government Efficiency" (DOGE) policy.

Market Reaction and Policy Outlook

• Stock Market: Boosted by strong employment data, the U.S. stock market rose, with the S&P 500 index increasing by 1.5% and the Dow Jones Industrial Average rising by 1.3%.

• Bond Market: U.S. Treasury yields rose, reflecting investor optimism about the economic outlook.

• Dollar Index: Slightly decreased, indicating market adjustments to expectations regarding Federal Reserve monetary policy.

• Federal Reserve Policy: Given the robust performance of the job market, the market generally expects the Federal Reserve to begin cutting interest rates in July, rather than the previously anticipated June.

In Summary

Although the April non-farm employment data was strong, indicating resilience in the U.S. labor market, the downward revision of data from the previous two months and the decrease in employment in the manufacturing and government sectors suggest that economic growth is facing some pressure. Additionally, the Trump administration's tariff policy has not yet had a significant impact on the job market, but it may have a lagging effect on the economy in the coming months.

The April non-farm employment data exceeded expectations, reflecting the robustness of the U.S. economy in the face of policy uncertainty and external challenges.