Details of the November 2015 US Non-farm payrolls and employment data report 4 December 2015

  • Prior 271k. Revised to 298k
  • Unemployment rate 5.0% vs 5.0% exp. Prior 5.0%
  • Average hourly earnings 0.2% vs 0.2% exp m/m. Prior 0.4%
  • 2.3% vs 2.3% exp y/y. Prior 2.4%
  • Average hours 34.5 vs 34.5 exp. Prior 34.5. Revised to 34.6
  • Participation rate 62.5% vs 62.4% exp. Prior 62.4%
  • Private payrolls 197k vs 190k exp. Prior 268k. Revised to 304k
  • Government payroll 14k vs 3k prior. Revised to -6k
  • Manufacturing payrolls -1k vs -1k exp. Prior 0k. Revised to 1k
  • U6 (underemployment) 9.9% vs 9.8% prior

On first look there's nothing here to worry the Fed or the market. It's not a gangbuster report but there might be some relief buying that it's not bad

Good revisions to last month in both NFP and the private payrolls also, Yellen spoke about the focus on underemployment yesterday and that's ticked higher

USDJPY gained around 66 pips to a high of 123.38