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.

Ryan Littlestone

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