Kea投 Macro: The non-farm report is not as strong as it appears on the surface

MeNews · 2026-04-05T02:10:07+00:00

Stephen Brown of Capital Economics pointed out that the significant rebound in non-farm employment in March was mainly due to the end of strikes in the healthcare industry and recruitment disruptions in February, rather than a market recovery. He warned that rising oil prices might support the mining industry, but declining consumer purchasing power will suppress demand and impact short-term hiring. Meanwhile, employment in information and financial services has declined, indicating that artificial intelligence is suppressing hiring in some sectors.

MeNews

2026-04-05 02:10:07

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ME News message, April 3 (UTC+8): Stephen Brown of Capital Economics said that the March nonfarm payrolls’ rebound above expectations mainly reflected the end of a healthcare industry strike and hiring disruptions in February caused by weather factors, rather than a sign that the labor market had quickly improved. He noted: “Although higher oil prices could ultimately support employment in the mining industry, the more direct risk is that damage to consumers’ purchasing power will suppress demand, thereby affecting hiring in the near term.” Meanwhile, employment in the information industry fell again, and jobs in the financial services sector also declined. This further confirms the trend that artificial intelligence is suppressing hiring in some industries—especially as new positions in the professional services sector were only 2,000, while computer systems design jobs decreased by 13,200. (Jin10) (Source: ODAILY)

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