US nonfarm payrolls rose 57,000 while the unemployment rate fell to 4.2%,
producing a contradictory print. The 4.2% jobless rate undershot consensus
(4.3%) and the five-bank Wall Street consensus; payrolls ended a three-month run
of 100k+ gains, sat closer to Citigroup’s 25,000 estimate and were below
mainstream banks’ 90,000–130,000 forecasts.
