US Non-farm payrolls increased for a record 73rd consecutive month in March, rising by 215,000 jobs. The US unemployment rate edged slightly higher to 5 per cent. Over the past three months, the US economy added an average of 209,000 jobs per month.
The US economy is steadily growing and producing jobs at a good but not spectacular pace. Wage growth is low but seems to be increasing and inflation remains muted. All in all, there is still not much of a case of more aggressive tightening by the US Federal Reserve which should help keep Canadian bond yields and therefore mortgage rates low.