US: Offsetting labour marked data - ANZ

Sandeep Kanihama FXStreet Contributor

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.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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