Better number on the headline growth, but weaker wage growth and the same story of a slowing in jobs growth over the past three months. Unemployment rate unchanged again makes it hard to suggest a material slowdown in labor markets validates the idea of cuts this year. Not a big reason for markets to move too much either side apart from ruling out the more dovish scenarios some analysts were highlighting.

2026-05-08

Better number on the headline growth, but weaker wage growth and the same story of a slowing in jobs growth over the past three months. Unemployment rate unchanged again makes it hard to suggest a material slowdown in labor markets validates the idea of cuts this year. Not a big reason for markets to move too much either side apart from ruling out the more dovish scenarios some analysts were highlighting.