- Prior reading was 146K (revised to 161K)
- Unemployment 7.8% vs 7.7% exp
- Private employment 168K vs 148K exp
- Manufacturing +25K vs 0K exp
- Govt jobs -13K
- Avg earnings +0.3% vs +0.2%
- Avg workweek 34.5 hrs vs 34.4 exp
The rise in the unemployment rate is a small negative but overall the details are positive. The market was priced for something better than the consensus after ADP but private payrolls were near the 170K ‘market consensus’.
I don’t expect these knee jerk moves to last (except CAD).
