FSGS - CIO Notebook: U.S. Non-Farm Payrolls Provide Comfort As Negotiations Continue

2025-05-02 23:00:00 ET

Summary

• April’s non-farm payrolls release was met with a sigh of relief as it came in well above consensus expectations, up +177k versus the consensus estimate for +138k.
• Despite the top-line beat, revisions to February and March payrolls netted to a decrease of -58k versus the previously reported prints.
• Evidence of labor market stability is likely to offset, at least in today’s trading session, some of the skittishness in the equity and fixed income markets following Wednesday’s U.S. GDP release.
• Equity markets are responding positively to today’s print, as it indicates that the U.S. labor market is entering this period of slowing economic growth from a strong starting point.

By Shannon L. Saccocia, CFA

We encourage clients to take advantage of market fluctuations to deploy cash in a thoughtful manner and to reallocate back to strategic long-term allocations while being mindful of the opportunities in small cap, non-U.S. equities, and private markets ...

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