US: Offsetting labour marked data - ANZ
|US non-farm payrolls disappointed at 156k (mkt: 180k; last: 189k) with net revisions of -41k over the prior two months while he unemployment ticked up a tenth to 4.4%, notes the analysis team at ANZ.
Key Quotes
“Average hourly earnings were up 0.1% m/m (mkt: 0.2%). While under market expectations, it’s all within normal monthly volatility, and one wonders whether slower employment growth is a sign of people becoming harder to find. Wage numbers aren’t showing that yet though, but that could be just lags.”
“On a more positive note, the US ISM rose to the highest level since 2011 at 58.8 (mkt: 56.5; last: 56.3). All components are above 50, with production at 61.0 (last: 60.6) with new orders at 60.3 (last: 60.4). The employment component climbed to 59.9 from 55.2, which is the highest level since June 2011 (61.3). Separately, Michigan consumer confidence fell from the initial estimate of 97.6 to 96.8.”
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