US non-farm payrolls February 2018 313k vs 200k exp – Wages 2.6% vs 2.8% exp y/y

February 2018 US non-farm payrolls and employment report 9 March 2018

Prior 200k. Revised to 239k
Unemployment rate 4.1% vs 4.0% exp. Prior 4.1%
Average earnings 0.1% vs 0.2% exp m/m. Prior 0.3%
2.6% vs 2.8% exp y/y. Prior 2.9%
Average hours 34.5 vs 34.4 exp. Prior 34.3
Participation rate 63.0% vs 62.7% prior
U6 underemployment 8.2% vs 8.2% prior
Private payrolls 287k v s191k exp. Prior 196k. Revised to 238k
Gov payrolls 26k v s4k. Prior. Revised to 1k
Manufacturing payrolls 31k vs 15k exp/prior. revised to 25k

Outside of the big headline beat there’s a touch of softness about the report. Not a game changer in any way but not one that should see prices flying around too much. The closer price levels are in play, as opposed to the wider ones. Still early days though.