- Prior was +200K
- Unemployment rate 3.7% vs 3.7% expected
- Prior unemployment rate 3.7%
- Participation rate 62.1% vs 62.2% prior (was 63.4% pre-pandemic)
- U6 underemployment rate 6.7% vs 6.8% prior
- Average hourly earnings +0.6% m/m vs +0.3% expected (prior +0.4%, revised to +0.5%)
- Average hourly earnings +5.1% y/y vs +4.6% expected (prior +4.7%)
- Average weekly hours 34.4 vs 34.5 expected
- Change in private payrolls +221K vs +190K expected
- Change in manufacturing payrolls +14K vs +20K expected
- Household survey -186K vs -306K prior
- Full report
USD/JPY was trading at 134.06 just before the data and has shot to 135.83 afterwards as part of a broad USD rebound. The wages number is a concern and could stoke second-round effects on inflation
Inflation
Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m
Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m
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The terminal Fed funds top has moved up to 4.97% from 4.90% yesterday.
I worry about those household numbers, which were a big contrast to the establishment survey for the second month.
