NFP: Pros and cons from a strong report – Nomura
FXStreet (Bali) – According to Nomura, overall, the NFP was a strong employment report, indicative of stronger hiring, economic activity, and less unemployment, with hourly earnings suggest that as of now, inflationary pressures from wages remain benign.
Nonfarm payrolls added 288k jobs, handily beating market consensus
(Consensus: 215k, Nomura: 245k).
Manufacturing sector added 16k jobs.
Service providing sectors such as retail trade (+40k), professional business services (+67k) and leisure and hospitality (+39k) showed meaningful job gains.
Average hourly earnings were up by 0.2% (Consensus: 0.2%)
Unemployment rate declined to 6.1% (6.085%) from 6.3% (6.297%)
Employment population ratio increased to 59.0%, a 0.3pp increase from the prior year.
Household employment increased by 407k, while the number of unemployed declined by 325k.
Long-term unemployment rate declined to 2.0% (1.978%) from 2.2% (2.168%).
Short-term unemployment rate declined to 4.0% (4.045%) from 4.1% (4.106%).
Labor force participation rate was unchanged at 62.8%.
The number of voluntary job leavers declined by 21k.
The share of part-time workers for economic reasons increased to 26.9% from 26.7%.
Construction sector added a meager 6k jobs.
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