Summary

• A second consecutive firm jobs report is a big win for the US economy, amidst trying circumstances.
• Nonetheless, other labour market data is not as firm and consumers certainly aren't recognizing the strength of this data point.
• Real household disposable incomes are the key driver of spending, and that continues to flatline.

By James Knightley, Chief International Economist, US

Jobs beat expectations for a second month

The US jobs report has come in notably stronger than expected for a second consecutive month. Payrolls rose 115k in April versus