Looking at the details,


Unemployment rate 4.2%, lower than expected.
The reason for the lower unemployment rate is that the labor participation rate has dropped, not that employment has increased. Because some people have permanently exited the labor market.
So the unemployment rate can be considered neutral for now.
But with the World Cup in the US in June, non-farm payrolls being this low will put pressure on the Fed.
So it's a neutral data point plus a positive data point.
Favorable for delaying rate hikes.
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