By the numbers: U.S January NFP fallout

February 2, 2018 Share Print 0

Non-farm payrolls: +200k vs. +148k prev.

Private payrolls: +196k vs. prev. +146k)

Manufacturing payrolls: +15k vs. prev. +25k

Unemployment rate: +4.1% vs. prev. +4.1%

Average hourly earnings: +0.34% m/m, +2.9% y/y vs. prev. +0.4% m/m, +2.7% y/y

Workweek hours: 34.3 vs. prev. 34.5 – -0.2

U.S 10-year yield: +2.83%

U.S employers added +200,000 jobs in January (employers added an average of +181k a month in 2017).

Construction, manufacturing and restaurants had strong job growth, while Government payrolls grew by +4k last month.

Strong back-month revisions for average hourly earning and headline job prints – Dec payrolls revised to +160k and Nov revised to +216k

Average hourly earnings rose +0.34% from Dec following an upwardly revised +0.4% gain. Year-over-year, it was +2.9% compared with projections for a +2.6% increase. December’s gain was revised upward to +2.7%.

USD (€1.2455, £1.4165, ¥110.33, C$1.2361) is better bid across the board, while the 10-year yield has backed up to +2.834% as wage growth is starting to accelerate.

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Dean Popplewell

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Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments.
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