US March non-farm payrolls +431K vs +490K expected

• Prior was +678K(revised to +750K)
• Estimates ranged from +200K to +700K
• Two month net revision +95K
• Unemployment rate 3.6% vs 3.7% expected
• Prior unemployment rate 3.8%
• Participation rate 62.4% vs 62.3% prior (was 63.4% pre-pandemic)
• U6 underemployment rate 6.9% vs 7.2% prior
• Average hourly earnings +0.4% m/m vs +0.4% expected
• Average hourly earnings Earnings A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price Read this Term +5.6% y/y vs +5.5% expected
• Average weekly hours 34.6 vs 34.7 expected
• Change in private payrolls +426K vs +480K expected
• Change in manufacturing payrolls +38K vs +30K expected
• Long-term unemployed at 1.4m vs 1.2m pre-pandemic)
• The employment-population ratio 60.1% vs 61.2% before pandemic
• Full report

There are no big surprises in this report. The jobs market remains strong and if you factor in the revisiosn this is yet-another beat. Wage growth continues and people are being drawn back into the labor force. There is plenty of recession talk but I think the next thing to watch will corporate profit margin compression.