June US non-farm payrolls

  • Prior was 138K (revised to 152K)
  • Two-month net revision +47K
  • Private payrolls +187K vs +170K exp
  • Manufacturing payrolls +1K vs +5K exp
  • Unemployment rate 4.4% vs 4.3% exp
  • Participation rate 62.8% vs 62.7% exp
  • Prior participation rate 62.7%
  • Underemployment rate 8.6% vs 8.4% prior

The jobs numbers and revisions are more good news for the US economy but it's the same paradigm we've had for more than a year and it hasn't resulted in great growth or rising inflation.

The details of the wage numbers within the report are disappointing once again. As a result, the US dollar is lower across the board on the headlines.