US nonfarm payroll for November 2019
- Change nonfarm payroll 266K versus 180 K estimate
- 2 month payroll net revision +41K
- Change in private payroll 254K versus 178K estimate
- Manufacturing payroll 54K versus 40K estimate
- Unemployment rate 3.5% versus 3.6% estimate
- Average hourly earnings MoM 0.2% versus 0.3% estimate
- Average hourly earnings YoY 3.1% versus 3.0% estimate
- Average weekly hours 34.4 versus 34.4 estimate
- Llabor force participation rate 63.2% versus 63.3% last
- Underemployment rate 6.9% versus 7% last
Other details:
Goods producing, +48 k
- construction, 3K
- manufacturing, 54K
service producing jobs, 249K
- trade, transport +14 K
- transportation and warehousing +14 K
- information +13 K
- financial +13 K
- business services +49K
- leisure +45K
- education and health services plus 74K
- government +12 K
The data blows away the estimates. The dollar has moved sharply higher with the dollar yen extending above its 100 hour moving average at 108.82 from a prerelease level 108.54
In other markets,
- spot gold is trading down $8.40 or -0.56% at $1467.70
- WTI crude oil futures are not impressed. They still trade OPEC with a move down by $0.59 or -1% at $57.84
in the US stock market the major indices have moved higher:
- Dow, +138 points
- S&P index up 15 points
- NASDAQ index up 46 point
US yields have moved higher with the 10 year up 3.3 basis points. The 2 year is up the most. It has risen by 4 basis points as the Fed is most definitely on hold.
