U.S. Nonfarm Payrolls Expected to Slow to 62,000 in April; Iran Conflict Impact Still Unclear

According to Reuters, U.S. nonfarm payrolls in April are expected to add only 62,000 jobs, compared to 178,000 in March. Economist forecasts range from a loss of 15,000 to a gain of 150,000 positions. RSM Chief Economist Joe Brusuelas said the labor market is holding steady, noting that hiring demand is typically determined months before actual recruitment occurs, so the impact of recent Iran-related geopolitical tensions has not yet materialized. The Federal Reserve will monitor wage data and unemployment rates to confirm whether labor market weakness warrants rate cuts this year.