U.S non-farm payroll (NFP) saw the first negative reading in seven years at -33k. Headline affected by distortion due to August hurricanes. The unemployment rate, fell two-tenths of a percentage point to +4.2%, a level not seen since early 2001. Workers’ wages jumped last month, another figure that may have been affected by the storms. Average hourly earnings rose 12 cents, or 0.45% from a month earlier. Wages were 2.9% higher from a year earlier.
Details:
- US Labor Sep Nonfarm Payrolls -33K; Consensus +80K
- US Sep Unemployment Rate 4.2%; Consensus 4.4%
- US Sep Average Hourly Earnings +0.45%, or +$0.12 to $26.55; Over Year +2.9%
- US Sep Private Sector Payrolls -40K and Government Payrolls +7K
- US Sep Average Workweek 0.0 Hour to 34.4 Hours
- US Sep Labor-Force Participation Rate 63.1%
- US Aug Payrolls Revised to +169K; Jul Revised to +138K
USD remains better bid (€1.1678, £1.3037, ¥113.37) across the board, with treasury yields continuing to back up on inflation expectations.
In Canada, employment rose in September for a tenth straight month and workers’ wages increased at their fastest pace in over 17-months. The country’s jobless remain unchanged from the previous month, sitting at a post-crisis low.
- Canada Sep Net Jobs +10,000 From Aug
- Canada Sep Jobless Rate Forecast At 6.2%
- Canada Sep Full-Time Jobs +112,000; Part-Time -100,000
- Canada Sep Avg Hourly Wages +2.2% From Year Ago
- Canada Sep Participation Rate At 65.6% Vs 65.7% In Aug
On a year-over-year basis, Canadian employment increased 319,700, or 1.8%, with nearly all of the new jobs created over the past 12 months of the full-time variety, which tend to offer higher pay and steady benefits.
The loonie (C$1.2564) finding support from the full-time employment headline print.
