Details of the June nonfarm payrolls report:
- Prior 280K (revised to 254K)
- Average hourly earnings 0.0% vs +0.2% exp
- Avg hourly earnings 2.0% y/y vs 2.3% exp
- Two month net revisions -60K
- Private payrolls 223K vs 225K exp
- Average weekly hours 34.5 vs 34.5 exp
- Labor force participation 62.6% vs 62.9% prior
- unemployment rate 5.3% vs 5.4%
- Underemployment rate 10.5% vs 10.7% exp
The wage inflation numbers, revisions and drop in the participation rate add up to make this a soft jobs report and that was immediately reflected in the market with USD/JPY falling to 123.07 from 123.50.
Net change
Participation rate
