The April employment report [by far the most closely watched data release globally and has been for years] showed that the US economy impressively added 274,000 jobs in April, much stronger than the 175,000 Wall Street consensus. February and March payroll additions were revised higher as well 243,000 to 300,000 and 110,000 to 146,000 respectively. In the household survey, unemployment remained at 5.2%. Treasury yields jumped sharply on the news. Strength was widespread with only manufacturing and utilities recording job losses.
Expect the Fed to continue to raise rates at quarter point pips through at least the end of the year.
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