Responses to the NFP report from various banks are incoming - here is BoA/Merrill Lynch:

  • The March employment report was weak across the board
  • Job growth of only 126,000 and downward revisions of 69,000
  • The unemployment rate held at 5.5%, owing to a drop in the participation rate
  • Wages edged up 0.3% mom or 2.1% y/y
  • Although we should not overreact to one month of data, today's weak report follows a string of disappointing activity data"

(Bolding mine)

More reactions:

  • From Goldman Sachs
  • From Citi
  • From BNP
  • From BoA/Merrill Lynch
  • From UBS and Morgan Stanley
  • From Barclays
  • From RBC and Credit Suisse
  • From CIBC

Note: Adam had earlier reactions here: Seven economists reactions to nonfarm payrolls