El-Erian: US non-farm payrolls at 162,000, labor force participation rate rises to 61.6%

Allianz Chief Advisor El-Erian stated that the latest US employment report shows that both demand and supply in the labor market have far exceeded expectations. Specifically: In terms of job creation, non-farm payrolls surged from a revised 21 thousand to 162 thousand, about three times the market consensus forecast. Regarding labor supply, the labor force participation rate rose from 61.4% to 61.6%, surpassing expectations and reaching the highest level in nearly a year. As for other key indicators, the unemployment rate remained unchanged at 4.1%, and average hourly wages increased by 0.3% month-on-month, in line with expectations. Overall, these indicators suggest that the US labor market remains robust, with demand staying strong and the supply side stabilizing.