September 2018 US non-farm payrolls data 5 October 2018

  • Prior 201k. Revised to 270k
  • Private payrolls 121k v s180k exp. Prior 204k. Revised to 254k
  • Manufacturing 18k vs 12k exp. Prior -3k. Revised to 5k
  • Government 13k vs -3k prior. Revised to 16k
  • Unemployment rate 3.7% vs 3.8% exp. Prior 3.9%
  • Average hourly earnings 0.3% vs 0.3% exp m/m. Prior 0.4%
  • 2.8% vs 2.8% exp y/y. Prior 2.9%
  • Average hours 34.5 vs 34.5 exp. Prior 34.5
  • Participation rate 62.7% vs 62.7% prior
  • U6 underemployment rate 7.5% vs 7.4% prior

Take out the NFP number and it’s bang on the money. Unemployment down while the participation rate stays steady is good news. The Labour dept syas the hurricanes may have affected numbers in some industries, so the market has an excuse. Good revisions are helping also.

USDJPY wobbled down a touch but we’ve got some second wind coming in and we’re testing 114.00.

Ryan Littlestone

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