Daily digest market movers: US NFP misses mark, inflation uptick hammers CAD appetite
- US NFP shows net job additions of 175K in April, down from the forecast for 243K. The previous month saw an upside revision to 315K from 303K.
- US Average Hourly Earnings also grew 0.2% MoM in April, falling below the forecast of 0.3%.
- The US Unemployment Rate also ticked higher to 3.9% from the previous 3.8%.
- US ISM Services PMI unexpectedly fell below the 50.0 contraction level for the first time in over a year, declining to 49.4 when market forecasts were calling for a slight increase to 52.0 from the previous month’s 51.4.
- ISM Services Priced Paid accelerated to 59.2 from 53.4, keeping inflation fears close to the surface.
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