US data continues to show that although growth momentum has moderated, due in part to the severe weather at the start of the year, the level of growth remains robust. The recovery in the labour market continued at a gradual pace with non-farm payrolls coming in at 192,000 in March. Although this was below consensus expectations, the participation rate hit a 6-month high at a seasonally adjusted 63.2%, while net revisions for the previous two months were up 37,000. Manufacturing activity, as measured by the PMI and ISM indexes, also remains at healthy levels, despite both gauges missing expectations.
