- Prior month +24.9K
- Unemployment rate 5.8% versus 5.9% expected.
- Prior unemployment rate 5.8%
- full-time employment -23.5 K versus 59.6K last month
- part-time employment was 23.6 K versus -34.7K last month
- average hourly wages permanent employees 5.7% versus 5.0% last month
- participation rate 65.4% vs 65.6% last month
Details of the report:
Increase in employment in various sectors:
- Professional, scientific, and technical services: +46,000 jobs (+2.4%)
- Health care and social assistance: +16,000 jobs (+0.6%)
- "Other services" (including personal and repair services): +12,000 jobs (+1.5%)
Decrease in employment in specific industries:
- Wholesale and retail trade: -21,000 jobs (-0.7%)
- Manufacturing: -18,000 jobs (-1.0%)
Near unchanged in the employment change. The unappointed rate remained steady at 5.8%. The mix of full-time and part-time showed some weakness as a full-time jobs declined while the part-time jobs increased by near exact amounts. Wages willing up to 5.7% is not great for inflation. In spiked to the highest level since January 2021.
The USDCAD was trading at 1.3366 prior to the release. It is currently trading at 1.3388 helped by the stronger US jobs report. The US market is now implying 127 basis points of us cuts in 2024. That is down from about 142 basis points.
Prior to the report:
- The S&P index was down -9.68 points.
- The Dow Industrial Average was down -58 points.
- The Nasdaq index was down -41.51 points
Currently the US stocks are showing:
- Dow Industrial Average -176 point
- S&P -25.43 points
- Nasdaq index minus the 7.26 points
US yields are also moving higher:
- two year yield 4.468%, +8.7 basis points
- 10 year yield 4.083% +9.1 basis points
- 30-year yield 4.220% +8.5 basis points
