7 Mar 2016
US posts strong NFP data - Investec
Research Team at Investec, notes that on Friday we saw the US February non-farm payrolls release beat expectations, with jobs growth recorded at 242k against a market expectation of 195k.
Key Quotes
“January’s numbers were also revised up by 21k. In terms of the spread, service providing jobs were strong at 245k, the construction sector also saw gains of 19k, whilst manufacturing jobs dropped by 16k.
Wider measures of unemployment improved as the participation rate edged up. There were however some softer points from the jobs report, having surprised on the upside last month, average earnings edged backed to 2.2% (y/y) from 2.5%, whilst average weekly hours also fell.”
Key Quotes
“January’s numbers were also revised up by 21k. In terms of the spread, service providing jobs were strong at 245k, the construction sector also saw gains of 19k, whilst manufacturing jobs dropped by 16k.
Wider measures of unemployment improved as the participation rate edged up. There were however some softer points from the jobs report, having surprised on the upside last month, average earnings edged backed to 2.2% (y/y) from 2.5%, whilst average weekly hours also fell.”