June 2018 US non-farm payrolls and labour market report 6 July 2018

  • Prior 223k. Revised to 244k
  • Private payrolls 202k vs 190k exp. Prior 218k. Revised to 239k
  • Manufacturing payrolls 36k vs 15k exp. Prior 18k. Revised to 19k
  • Government payrolls 11k vs 5k prior
  • Average hourly earnings 0.2% vs 0.3% exp m/m. Prior 0.3%
  • 2.7% vs 2.8% exp y/y. Prior 2.7%
  • Average weekly hours 34.5 vs 34.5 exp. Prior 34.5
  • Unemployment rate 4.0% vs 3.8% exp. Prior 3.8%
  • Participation rate 62.9% vs 62.7% prior
  • U6 underemployment 7.8% vs 7.6% prior

The market might be disappointed by the wage miss but it’s nothing serious. The unemployment rate is up probably on the participation rate, again nothing bad. An ok report. Steady as she goes. If anything, the higher jobs revisions are a small positive.

Ryan Littlestone

Pin It on Pinterest