Highlights of the September non-farm payrolls report:
- Sept non-farm payrolls 248K vs 215K expected
- August reading was 142K (revised to 180K)
- Private payrolls 236K vs 210K exp
- Prior private payrolls was 134K (revised to 175K)
- Manufacturing payrolls +4K vs +15K exp
- Prior manufacturing payrolls were flat (revised to -4K)
- Unemployment rate 5.9% vs 6.1% exp - lowest since 2008
- Unrounded unemployment was 5.942%
- Prior unemployment rate was 6.1%
- Participation 62.7% vs 62.8% prior – lowest since 1978
- Avg hourly earnings 0.0% vs +0.2% exp
- Avg hourly earnings +2.0% y/y vs +2.2% exp
- Avg weekly hours 34.6 vs 34.5 exp
The US dollar is blasting higher.
The lone negative factor is average hourly earnings but I just don’t see the justification for the Fed remaining dovish.
US unemployment rate Oct 2014
