Job growth estimates for the month of April fell behind expectations with the US Bureau of Labor Statistics reporting 175,000 jobs were added to the US economy against forecasts for 240,000. Could this cooling labor print be a good sign to come for the Federal Reserve as officials struggle with the inflation-side of their dual mandate?

S&P Global Ratings Chief US Economist Satyam Panday joins The Morning Brief to weigh in on how April's jobs data could contribute to a soft landing scenario and immigration's role in strengthening the US labor market.

"In the last few months, we have come to find some evidence... showing that we have undercounting population growth in the US basically due to immigration arising in the last one and a half years," Panday tells Yahoo Finance. "So I think that does sort of explain some of the upside surprises and it does also help in some of the wage growth tempering. But overall... it goes both ways. They both produce and they also consume at the same time, so it is a net-net positive, so far, normalizing the labor market as well as keeping the economic growth sort of getting surprised on the up side.

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This post was written by Luke Carberry Mogan.