October US non-farm payrolls and employment report 2 November 2018

  • Prior 134k. Revised to 118k
  • Private payrolls 246k vs 183k exp. Prior 121k
  • Manufacturing 32k vs 15k exp. Prior 18k
  • Government 4k vs 13k prior. Revised to -3k
  • Unemployment rate 3.7% vs 3.7% exp. Prior 3.7%
  • Average hourly earnings 0.2% vs 0.2% exp m/m. prior 0.3%
  • 3.1% vs 3.1% exp y/y. Prior 2.8%
  • Average hours 34.5 vs 34.5 exp. Prior 34.5. Revised to 34.4
  • Participation rate 62.9% vs 62.7% prior
  • U6 underemoployment rate 7.4% vs 7.5% prior

One the whole, good numbers. The participation rate moving higher a touch will keep the unemployment rate under wraps. USD finds a bid as USDJPY ticks up to 113.00. GBPUSD dipped to 1.2886 but has already bounced, same for the euro which fell to 1.1423 before bouncing but is back in the 20’s again.

Ryan Littlestone

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