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Jobs Report Better Than First Impression Suggests

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Naturally whenever we see an NFP in the low hundred thousands, questions are asked about what went wrong in the labour that month and whether it’s a sign of things to come but this time that is not the case.

It’s always difficult to assess the impact of something such as Hurricane Florence but it would certainly appear it weighed on employment during the month. That said, 134,000 job is far from a terrible employment number and with August’s being revised up by another 69,000, the labour market looks extremely healthy and provides further evidence of a booming economy.

Add to that unemployment falling to its lowest level in almost 50 years and wages growing by 2.8% and this is far from a bad jobs report. Perhaps though it has been enough to avoid another negative knee jerk reaction from investors and corresponding spike in yields and the dollar and decline on Wall Street. Instead the dollar has softened slightly and futures are now on course for a relatively flat open. All things considered, this is actually another very good report that other countries will be extremely envious of.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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