By the numbers: U.S January NFP fallout

February 2, 2018 Share Print 0

Non-farm payrolls: +200k vs. +148k prev.

Private payrolls: +196k vs. prev. +146k)

Manufacturing payrolls: +15k vs. prev. +25k

Unemployment rate: +4.1% vs. prev. +4.1%

Average hourly earnings: +0.34% m/m, +2.9% y/y vs. prev. +0.4% m/m, +2.7% y/y

Workweek hours: 34.3 vs. prev. 34.5 – -0.2

U.S 10-year yield: +2.83%

U.S employers added +200,000 jobs in January (employers added an average of +181k a month in 2017).

Construction, manufacturing and restaurants had strong job growth, while Government payrolls grew by +4k last month.

Strong back-month revisions for average hourly earning and headline job prints – Dec payrolls revised to +160k and Nov revised to +216k

Average hourly earnings rose +0.34% from Dec following an upwardly revised +0.4% gain. Year-over-year, it was +2.9% compared with projections for a +2.6% increase. December’s gain was revised upward to +2.7%.

USD (€1.2455, £1.4165, ¥110.33, C$1.2361) is better bid across the board, while the 10-year yield has backed up to +2.834% as wage growth is starting to accelerate.

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Dean Popplewell

Vice-President of Market Analysis at MarketPulse

Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.