December 2017 US non-farm payrolls and jobs data 5 January 2018

  • Prior 228k. Revised to 252k
  • Average hourly earnings 0.3% vs 0.3% exp m/m. Prior 0.2%. Revised to 0.1%
  • 2.5% vs 2.5% exp y/y. Prior 2.5%. Revised to 2.4%
  • Average weekly hours 34.5 vs 34.5 exp. Prior 34.5
  • Unemployment rate 4.1% vs 4.1% exp
  • Participation rate 62.7% vs 62.7% prior
  • U6 underemployment 8.1% vs 8.0% prior
  • Private payrolls 146k vs 185k exp. Prior 221k. Revised to 239k
  • Manufacturing payrolls 25k vs 15k exp. Prior 31k
  • Government payrolls 2k vs 7k prior. Revised to 13k

Soft headline but wages are spot on. USD has dropped but I’m loathed to think there will be more follow through. USDJPY dips to 113.00 EURUSD up to 1.2083 from 1.2050. GBPUSD to 1.3580 from 1.3540.

USDCAD going bananas over the CAD jobs report and bonus USD weakness.1.2377 trading from 1.2500

Also out;

  • US international trade bal Nov 2017 -50.5bn vs -49.5bn exp. Prior -48.7bn. Revised to -48.9bn
  • Goods trade bal revision -70.0bn vs -69.7bn prior
  • Canada trade balance Nov 2017 -2.54bn vs -1.20bn exp. Prior -1.47bn. Revised to -1.55bn

The increase in the US deficit adds a bit more USD negativity.

Ryan Littlestone

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