Highlights of the January non-farm payrolls report
- Prior was 148K (revised to 160K)
- Unemployment rate 4.1% vs 4.1% exp
- Participation rate 62.7% vs 62.7% prior
- Underemployment rate 8.2% vs 8.1% exp
- Private payrolls 196K vs 181K exp
- Prior private payrolls revised to 166K from 146K
- Benchmark revisions added an extra 118K jobs in 2017
Wages:
- Average hourly earnings 2.9% y/y vs 2.6% exp
- Average hourly earnings +0.3% m/m vs +0.2% m/m exp
- Prior avg hourly earnings revised to 2.7% from 2.5%
- Prior avg hourly earnings revised to +0.4% vs +0.3%
- Hours worked 34.3 compared to 34.5 expected
It's all about the wages number and the US dollar jumped on the first signs of a genuine acceleration in wages.
Best wage growth since the crisis:
The US dollar is higher across the board after the data.
