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

US unemployment rate Oct 2014