Payrolls rose by 428k, a little firmer than consensus and offsetting the net 39k downward revision to the previous months.Unemployment remained at 3.6%, a fall in household employment offset by a drop in the labor supply. We expect unemployment to edge lower in May.Q1 2022 hedge fund letters, conferences and more Earnings growth rose by just 0.3% on the month, but the monthly pace has been volatile and subject to revision – there is no obvious trend deceleration here yet.The Fed will require more material signs of labor market easing from here before it relents from aggressive tightening and w…