The US added 175,000 jobs in April showing signs of cooling and boosting expectations for rate cuts this year. Economists were expecting 241,000 jobs according to a Bloomberg poll.
US unemployment rate rose slightly to 3.9% compared to estimates of 3.8%. The data released today also included a downward revision for February and March jobs numbers reiterating the slowdown.
Futures traders reacted by pricing in two interest rate cuts by the FED this year with the first cut forecasted in September.