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A good jobs report: 215K jobs gained and wages are up 2.3% y/y. The general picture is of more job gains and more people coming back to the work force, but changes are slow. Wages are slightly better than expected but nothing that screams “rally”.  

The USD is slightly  stronger across the board, but as time passes by, the stronger currencies are separated from the weaker ones. The pound is in the weak camp.

The US was expected to report job gains of just over 200K and a gain of 0.2% in wages m/m. There is a growing focus on wages, as they breed core inflation, the elusive factor the Fed is lamenting. Fed Chair Yellen hit the dollar hard earlier this week with  extremely dovish comments. Did she  have the NFP or was she just supporting markets?  The dollar was certainly down before the release.

Data

  • Non-Farm Payrolls:  215K  (exp. +206K, last 242K  before revisions)
  • Average Hourly Earnings:+0.3%, m/m, +2.3% y/y(exp. +0.2% m/m, last month -0.1%% m/m, 2.2% y/y)
  • Revisions: -1K minor(+30K last time)
  • Participation Rate: 63%  (62.9% last month )
  • Unemployment Rate: 5%      (exp.4.9%,  last month 4.9% before revisions)
  • Private Sector: 195K  (ADP showed +200K).
  • Real Unemployment Rate (U-6): 9.8%      (previous: 9.7%).
  • Employment to population ratio: 59.9%  (previous: 59.8%)
  • Average  workweek: 34.4  (last month: 34.4).

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