Goldilocks nonfarm payrolls broken down - ANZ

The overall message from non-farm payrolls was one of robust broad-based jobs growth continuing in the US, but with wage growth remaining contained.

Key Quotes:

"In aggregate, NFP rose 313k with upward revisions to January of 39k to 239k. There were broad gains with retail jobs adding 50k (strong consumer), manufacturing up 31k (elevated ISMs etc), professional and businesses jobs increasing 50k. The 3m average of NFPs is now 242k, up from 167k previously, implying no evidence of a late cycle slowdown in jobs growth. The unemployment rate was steady at 4.1% as the participation rate pushed up to 63%. The main weakness was average hourly earnings, which disappointed, at 2.6% y/y, with a downward revision to 2.8% y/y for January too. Just like in NZ, a rising participation rate and other structural shifts in labour markets could well cap further gains."