The non-farm data for March in the United States exceeded expectations, which may further delay the Federal Reserve's first interest rate cut

Institutions have evaluated the U.S. non-farm data for March, and the main figures in the report, including recruitment, total employment, participation rate and weekly income, all exceeded expectations. This may increase the likelihood of the Federal Reserve maintaining patience in combating inflation, further delaying its first interest rate cut. However, not all specifics are as optimistic; recruitment is concentrated in non-cyclical industries and unemployment rates are rising in some sectors. The duration of unemployment extended in March reflects a skills mismatch problem that even a patient Federal Reserve cannot solve. Those with high-demand skills continue to work especially in non-cyclical industries or those benefiting from affluent family spending but others might be left behind.