November non-farm payrolls +228K vs +195K expected

Author: Adam Button | Category: News

Highlights of the November 2017 non-farm payrolls report:

  • Prior was 261K
  • Estimates ranged from +150K to +260K
  • Two-month net revision +3K
  • Private payrolls 221K vs +195K expected
  • Unemployment rate 4.1% vs 4.1% expected (remains at lowest since 2001)
  • Participation rate 62.7% vs 62.7% prior
  • Underemployment rate (U6) 8.0% vs 7.9% prior

Wages data

  • Average hourly earnings m/m 0.2% vs +0.3% expected
  • Prior avg hourly earnings 0.0% (revised to -0.1%)
  • Average hourly earnings y/y 2.5% vs +2.7% expected
  • Prior average hourly earnings y/y 2.4% (revised to 2.3%)
  • Average weekly hours 34.5 vs 34.4 exp

It's all about the weak wages data, once again. The US dollar ticked lower on the headlines. I's another demonstration about how the headlines don't matter as much the wage growth (or lack thereof).


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