Here’s the state of play.
- Markets expect payrolls growth of 224,000 in April with unemployment tipped to fall 0.1% to 5.4%. If the unemployment rate meets expectations it will be the lowest level seen since May 2008.
- In March payrolls growth totaled 126,000, the lowest monthly increase since December 2013.
- In the year to March payrolls growth totaled 1,677,785, the highest level on record.
- Along with record payrolls growth, helping to explain the sharp decrease in unemployment seen over the past year, labour market participation fell to 62.7% in March. That’s the lowest level seen since February 1978.
- Despite the drop in unemployment, average hourly earnings fell from 2.18% to 2.14% in the year to March. While wages are gradually moving higher, it remains well below the 3.3% average seen in the years before 2009.
- The length of the average workweek fell to 34.5 hours in March, unchanged from a year earlier.
The payrolls report will be released at 8.30am New York time (10.30pm EST).