What can we expect as a result of the strong US jobs report?
Here is their view, courtesy of eFXdata:
CIBC Research discusses its reaction to [Friday’s] US jobs report for the month of March.
“The second wave of the economic recovery accelerated in March, with non-farm payrolls rising by 916K. That was well above the consensus forecast for a 660K gain, and came alongside upward revisions to prior months totaling 156K,” CIBC notes.
“Looking forward, we would expect to see further strong job gains in the months ahead, particularly as people start to feel more confident spending their stimulus dollars on services such as travel and restaurants. However, that is of course dependent on vaccinations continuing at speed and those vaccinations being able to prevent serious illness from new variants,” CIBC adds.
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