US payrolls beat estimate, average hourly earnings disappoint
Markets did little on the mixed news
US payrolls came in at +211,000 for April, a bit higher than the consensus estimate. Markets yawned, mainly because the growth of average hourly earnings year-on-year was only 2.5%, versus a consensus estimate of 2.7%. A revision of March earnings accounted for the difference.
10- and 30-year Treasury securities were down about 1/8 of a point, and the US dollar was largely unchanged. The household survey of employment conducted independently of the tally of establishments showed a 156,000 gain in employment, more or less in line with the headline number.