USA: Strong jobs market in April

Job creation remains strong. Many US workers are now forced back to work after receiving government assistance during the pandemic. Hiring in the service sector remains high. This is where many jobs were created in the wake of the Corona pandemic.

The demand for workers is elevated. In other words: The need for labour is particularly great there. Still, the number of vacancies in the service sector remains heightened - despite the increased hiring.

The job growth is good news for the US economy. Higher employment supports private consumption. Labour is also in demand, so payouts increase. Average hourly wages increased by 5.5% compared to the previous month, which is only slightly below the previous month's rate of 5.6%. 

For the Central Bank, the Fed, the labour market report is of no major relevance. The US monetary policymakers have largely set their course for this year.

Even a weakness in job creation would probably have no consequences for the further course of monetary policy. The Fed is fighting on inflation and economic data play a minor role at the moment. The Fed has only one goal at the moment, it wants to withdraw the liquidity that has been generously distributed in recent years as quickly as possible.