Weekly Market Recap – May 6, 2024

This week’s chart shows labor force participation rates in the U.S., Eurozone, and UK. Each market is continuing to
experience tightness with different underlying drivers. Remarkably, the U.S. has added 2.8 million jobs (1.8%
growth) in the past year without a reacceleration in wage growth. In April, wages grew 3.9% y/y, the slowest pace
since June 2021, and only 0.2% m/m. This is partly due to the strong recovery in participation rates in addition to a
surge in immigration.

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