Allison Boxer, US economist at Pimco commented on the latest US jobs report. For her, it was another month of good results for the American labor market: Non-farm payrolls increased by 428,000 units for the second month in a row, with general strength in all sectors. According to Allison Boxer, it is interesting to note that slight job losses were recorded for the second consecutive month in the retail sectors which had benefited the most from the demand linked to the pandemic.
Hiring in the leisure sector has also slowed to a still high rate, which, combined with the decline in job vacancies, suggests that the leisure sector labor market is slowly returning to a better balance between supply and demand, after facing serious labor problems at the start of the pandemic.
Wage growth slowed more than expected, but was offset by positive revisions to previous months.
The household survey did not yield the expected results and the level of employment actually fell.
For Allison Boxer, this report is unlikely to change anything for Fed officials. With no notable surprises in the jobs report, Fed officials will now focus on the upcoming inflation data.