Details from the December 2016 US non farm payrolls and labour market data 6 January 2017
Prior 178k. Revised to 204k
- Unemployment rate 4.7% vs 4.7% exp. Prior 4.6%
- Average hourly earnings 0.4% vs 0.3% exp m/m. Prior -0.1%
- 2.9% vs 2.8% exp y/y. Prior 2.5%
- Average hours 34.3 vs 34.4 exp. Prior 34.4. Revised to 34.3
Participation rate 62.7% vs 62.7%. Revised to 62.6%
Private payrolls 144k vs 170k exp. Prior 156k. Revised to 198k
Manufacturing payrolls 17k vs 0k exp. Prior -4k. Revised to -7k
Gov payrolls 12k vs 7k exp. Prior 22k. Revised to 6k
U6 underemployment 9.2% vs 9.3% prior
Wages take the prize here. The market is going to ignore the headline miss. That is a strong strong wages number and if you're a central bank looking to raise rates, you want people to have higher wages to cover it.
USDJPY 116.44.
Whether this will be enough to reverse this weeks theme of good data reversals in USD remains to be seen. I'm still favouring a rally fade but we're not exactly busting out on these numbers just yet.
US average weekly earnings y/y
