Non-Farm Payrolls Data – The US economy gained 136,000 in jobs, within expectations. The report includes significant upward revisions to previous months. Wages are 0% monthly and 2.9% yearly – a disappointment.
The US dollar is chopping around in the immediate aftermath. Markets are digesting mixed figures. Update: after several minutes, the revisions and the limited contribution of census hiring convinced markets that the jobs report is positive and the US dollar is rising.
The data (updating)
✅ Non-Farm Payrolls: 136K (145K expected, 130K last time)
✅ Revisions: +45K (-20K last time)
✅ Average Hourly Earnings MoM: 0% (0.3% expected, 0.4% last time)
✅ Average Hourly Earnings YoY: 2.9% (3.2% expected, 3.2% last time)
✅ Unemployment Rate: 3.5%(3.7% expected, 3.7% last time)
✅ Underemployment Rate, U6: 6.9% (7.2% last time)
✅ Participation Rate 63.2% (63.2% last time)
✅ Average workweek: 34.4K.
September Non-Farm Payrolls background
The US labor market was expected to slow down and gain only around 145,000 in September, below previous averages. Disappointing data leading to the release have lowered expectations further. Bloomberg’s “whisper number” is 125,000. Both ISM Purchasing Managers’ Indexes and the ADP Non-Farm Payrolls fell short of expectations.
Wages were set to grow by 0.3% monthly after 0.4% in August, and 3.2% yearly, repeating the previous month’s increase. The Unemployment Rate was forecast to remain at the lows of 3.7%.