Details from the April 2017 US non farm payrolls data report on May 7

  • Prior was 98K
  • Unemployment rate 4.4% vs 4.7% exp
  • Prior unemployment 4.6%
  • Participation rate 62.9% vs 63.0%
  • U6 underemployment 8.6% vs 8.9%
  • Average hourly earnings 0.3% vs 0.3% exp m/m.
  • Prior 0.2% avg hourly earnings revised to 0.1%
  • Avg hourly earnings 2.5% vs 2.7% exp y/y
  • Prior average hourly earnings 2.7% revised to 2.6%
  • Average weekly hours 34.4 vs 34.4 exp
  • Prior avg hourly earnings 34.3

Good news on jobs and unemployment is being overshadowed by poor wages growth in the market but it's a battle because a 0.3 pp drop in unemployment is rare.

Breakdown:

  • Manufacturing +6K vs +10K
  • Private payrolls 194K vs 190K
  • Goods producing +21K
  • Service providing +173K
  • Govt +17K
  • Birth/death model added 255K