September 2017 US non-farm payrolls and labour market report 06 October 2017

  • Prior 156k. Revised to 169k
  • Average earnings 0.5% vs 0.3% exp m/m. Prior 0.1%
  • 2.9% vs 2.5% exp y/y. Prior 2.5%. Revised to 2.7%
  • Average weekly hours 34.4 vs 34.4 exp. Prior 34.4
  • Unemployment rate 4.2% vs 4.4% exp. Prior 4.4%
  • Participation rate 63.1% vs 62.9% prior
  • U6 underemployment 8.3% vs 8.6%
  • Private payrolls -40k vs 83k exp. Prior 165k. Revised to 164k
  • Manufacturing payrolls -1k vs 10k exp. Prior 36k. Revised to 41k
  • Government payrolls 7k vs -9k prior. Revised to 5k

Wages make this report and they are strong. The first drop in payrolls since 2010 will be ignored. USDJPY testing out the big 113.30 level but not breaching it properly.

There’s really not a lot to dislike about this report but we’re getting no follow through in the dollar, which could be telling. Time to watch the clock now ad see if we get a second wind. If 113.30 holds on another test then we could go back down to 113.00 or under.


Ryan Littlestone

Pin It on Pinterest