- Prior was +678K(revised to +750K)
- Estimates ranged from +200K to +700K
- Two month net revision +95K
- Unemployment rate 3.6% vs 3.7% expected
- Prior unemployment rate 3.8%
- Participation rate 62.4% vs 62.3% prior (was 63.4% pre-pandemic)
- U6 underemployment rate 6.9% vs 7.2% prior
- Average hourly earnings +0.4% m/m vs +0.4% expected
- Average hourly earnings +5.6% y/y vs +5.5% expected
- Average weekly hours 34.6 vs 34.7 expected
- Change in private payrolls +426K vs +480K expected
- Change in manufacturing payrolls +38K vs +30K expected
- Long-term unemployed at 1.4m vs 1.2m pre-pandemic)
- The employment-population ratio 60.1% vs 61.2% before pandemic
- Full report
There are no big surprises in this report. The jobs market remains strong and if you factor in the revisiosn this is yet-another beat. Wage growth continues and people are being drawn back into the labor force. There is plenty of recession talk but I think the next thing to watch will corporate profit margin compression.