April 2018 US Non-farm payrolls and labour market report 4 May 2018

  • Prior 103k. Revised to 135k
  • Private payrolls 168k vs 194k exp. Prior 102k. Revised to 135k
  • Manufacturing payrolls 24k vs 20k exp. Prior 22k
  • Government payrolls -4k vs 1k prior. Revised to 0k
  • Unemployment rate 3.9% vs 4.0% exp. Prior 4.1%
  • Average hourly earnings 0.1% vs 0.2% exp m/m. Prior 0.3%. Revised to 0.2%
  • 2.6% vs 2.7% exp y/y. Prior 2.7%. Revised to 2.6%
  • Average weekly hours 34.5 vs 34.5 exp. Prior 34.5
  • Participation rate 62.8% vs 62.9% prior
  • U6 underemployment rate 7.8% vs 8.0% prior

Soft wages and headline but better unemployment rate 3.9%. That’s probably due to the participation rate. It soft but not a disaster.

I can’t see any lasting affects for the dollar here but I’m not the market so will be watching closely. USDJPY dropped to 108.73 from 108.93 so that goves you some idea of the market’s view.


Ryan Littlestone

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