Keith Underwood No Comments

US March Nonfarm Payrolls Dissapoints

Total US nonfarm payroll employment rose by 126,000 in February and the unemployment rate remained at 5.5%. Job gains continued in professional and business services, health care, and in retail trade. Revisions from the previous months where January was revised down from +239,000 to +201,000 and the change for February was revised from +295,000 to +264,000. With these revisions, employment gains in January and February were 69,000 lower than previously reported. This takes the 3-month average gains to just 197,000 per month, from 288,000 previously and ends the 12-month streak of job gains above 200,000 for the month.

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Keith Underwood No Comments

US February Nonfarm Payrolls

The headline number is that total nonfarm payroll employment rose by 295,000 in February and the unemployment rate nudged down to 5.5% from 5.7% previously. Job gains occurred in food services and drinking places, professional and business services, construction, health care, and in transportation and warehousing. Added to this are revisions from the previous months where December remained at +329,000 and the change for January was revised from +257,000 to +239,000. With these revisions, employment gains in December and January were 18,000 lower than previously reported. This takes the 3-month average gains to 288,000 per month.

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Keith Underwood No Comments

US December Nonfarm Payrolls

The headline number is that total nonfarm payroll employment rose by 252,000 in December and the unemployment rate declined to 5.6%. Job gains occurred in professional and business services, construction, food services and drinking places (I’m not making this up), health care and manufacturing. Added to this are revisions from the previous months where October was revised from +243,000 to +261,000 and the change for November was revised from +321,000 to +353,000. With these revisions, employment gains in October and November were 50,000 higher than previously reported. All in all, the year ended on a very strong footing for job creation and the best since, wait for it, 1999.

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Keith Underwood No Comments

October Non-farm payrolls

Today’s release of the October labor department’s non-farm payrolls increase of 214,000 jobs and a drop from 5.9% to 5.8% in the unemployment rate is another solid showing for the US economy. Although the market was looking for a number closer to 234,000 (Bloomberg consensus), the monthly running average above 200,000 for the year is what economists will highlight. Consistent growth in the employment picture will continue to provide the backdrop for a strong dollar and should embolden US dollar bulls to add to their current medium-term positions. Short-term traders on the other hand will be more cautious on a Friday session to book profits before the weekend.

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