Non-Farm payrolls Review
The January employment report has shown that the US economy created 111K new jobs in January. This reading is below the market consensus that previewed a number of 150K. However, the report also showed an important amount of positive revisions which counteract the negative numbers of January.
Give your opinion in the FORUM POLL: Where do you think the market will go after NFP is released? You can also review all the historical data of the payrolls in our Economic Time Series.
- Read the Employment Situation Summary at the U.S. Bureau of Labor Statistics.
In-Depth Analysis
- USA: January employment report: weak headline, stronger details by Danske Bank A/S
- Employment: On Beyond Goldilocks by Wachovia Corporation Economics Group
- FX Instant Insight - Non-Farm Payrolls Falls Short of Expectation by FXCM
- KBC News Picks - US: Strong upward revisions of past payrolls data by KBC Bank
- Daily U.S. Forex Summary - The U.S. dollar rose despite a lower-than-expected growth of U.S. payrolls in January by Union Bank of California
- Daily Market Briefing - US Dollar - Non-Farm Payrolls Drives the EUR/USD Back into Its Trading Range by FXCM
- Daily Market Report: Forex - The Dollar weakened against the majors after the worse than expected nonfarm payrolls data by ICICI Bank
- Daily Global Commentary - January Employment Report – Despite Life from Warm Weather, Payrolls Gains Are Trepid by Northern Trust
- U.S Market Update - Jobs data and ECB speak spice up currency trading while equities hold pretty steady by Trade The News
Related News
- Unemployment rises, fewer jobs added (AFX News)
- Dollar gain after jobs data (Reuters)
- Dow dips as job report hints at no rate cuts (Reuters)
- U.S. Nonfarm Payrolls Up 111,000 In January (Dow Jones)
- Dollar Up Modestly After Payrolls Report; Yen Weighed By G7 Talk (Dow Jones)
Analysts' comments
- Tony Juste, FX Advisor at FXstreet.com:
"Again, the Labour department plays its own game by posting worse-than-expected NFP numbers but correcting previous month's and overall result is pretty neutral. I would say that in general terms that is what I think of the news, neutral, with one good and one bad tick: the positive side is that earnings grew less than expected and that is good for inflation, but the unemployment rate was higher than expected, and the annual job growth is also far from expectations." - FXstreet.com - Brian Dolan, director of FX research at Forex.com:
"The January jobs report is a little weaker on the headline basis, but averaged out with the revision to Dec [payrolls], the labor market still appears to be quite solid. All in all, not a bad jobs report, but mildly softer than the market had expected." - Dow Jones - Shaun Osborne, chief currency strategist at Scotia Capital:
"I think, all in all, the U.S. numbers are not so good, but they're not heading into the tank, either. The growth prospects look fair to middling for the U.S and that may have some positive spill over into Canada, as well." - Dow Jones - Russell Bloom, economist at Thomson IFR Markets:
"The upward revision in December jobs was a bright spot in the data and some dollar bulls are taking heart from the data." - AFX News - Ken Mayland, economist at ClearView Economics:
"Employers have adopted somewhat of a more cautious approach to hiring as they wonder how much of a slowdown there will be." - AFX News - Richard Dekaser, chief economist at National City Corp:
"This is a perfect employment report in which growth is not so strong that it is unsustainable and prompts further tightening from the Fed." - Reuters
