US July non-farm payrolls -23K vs +80K expected
- Prior was +57K
- Two-month net revision -103K
- May was +129K
- Unemployment rate 4.1% vs 4.2% expected
- Prior unemployment rate 4.2%
- Unrounded unemployment vs 4.1889% prior
- Participation rate 61.4% vs 61.5% prior
- U6 underemployment rate % vs 7.9% prior
- Average hourly earnings +0.1% m/m vs +0.3% expected
- Average hourly earnings +3.2% y/y vs +3.5% expected
- Average weekly hours 34.3 vs 34.3 expected
- Change in private payrolls +30K vs +78K expected
- Change in manufacturing payrolls +30K vs +4K expected
- Government payrolls -53K vs +8K prior
Ahead of the data, USD/JPY was trading at 158.33 and Fed funds futures were pricing in a 57% chance of a rate hike in September.
At first blush, the jobs report isn’t as bad as the headline. Huge losses in government jobs and the unemployment rate 4.1% vs 4.2% expected. On the downside,
This article was written by Adam Button at investinglive.com.