The bad news is that employment exceeded expectations, and the good news is that wages fell short of expectations,

The Federal Reserve's pressure to cut or raise interest rates has temporarily eased.
┈➤ The job market is temporarily stable.
First, the unemployment rate is in line with expectations and the same as last month, both at 4.3%.
Second, non-farm employment increased by 115k, exceeding expectations (62k), but below the previous figure (185k).
The issue is that the data will still be revised later. Looking at employment numbers from the past few months, except for March (revised in April), all others have been revised downward.
And February's non-farm employment was still negative, so we can only say that employment is temporarily stable.
Third, the labor force participation rate (an easily overlooked indicator) slightly declined. When the economy is not ideal, the labor force participation rate also drops because some people expect they won't find a job and exit the job market.
April's labor force participation rate (61.8%) was below expectations (62%) and below the previous value (61.9%), reflecting that employment market expectations remain somewhat subdued.
So overall, the employment rebound is not significant; we can only say that employment is temporarily stable, and the Fed's short-term pressure to cut interest rates has decreased.
┈➤ Wages below expectations
Annual wage growth (3.6%) is below expectations (3.8%).
Monthly wage growth (0.2%) is below expectations (0.3%) and the same as last month (0.2%).
Wages being below expectations and similar to last month partly reflect that the supply and demand for labor are temporarily stable.
On the other hand, wages, as labor costs, have a significant impact on prices. Wages below expectations and similar to last month may indicate that April's CPI has not worsened significantly.
Therefore, this also reduces the pressure to raise interest rates again.
┈➤ Written at the end
Overall, the U.S. economy and inflation are in a fragile balance, with employment neither particularly good nor bad but with the potential to decline at any time; inflation is not too high but not healthy either, always worrying about rising.
The Federal Reserve is likely to keep rates steady for now. Both raising and cutting interest rates would break this temporary balance.
Brother Feng still holds the same view: the earliest rate cut could be in September, which is the most optimistic expectation.
Unless there is a pandemic outbreak, recession, or similar events before September, rates are unlikely to be cut.