November 2020 US jobs report
- Prior was 638K
- Unemployment rate 6.7% vs 6.8% expected
- Prior unemployment rate 6.9%
- Participation rate 61.5% vs 61.7% expected
- Prior participation rate 61.7%
If participation would have held steady, the unemployment rate would have risen 0.1 pp.
- Underemployment rate % vs 12.1% prior
- Average hourly earnings +0.3% m/m vs +0.1% expected
- Average hourly earnings +4.4% y/y vs +4.2% expected
- Average weekly hours 34.8 vs 34.8 expected
- Two month net revision +11K
- Change in private payrolls +344K vs +540K expected
- Change in manufacturing payrolls +27K vs +40K expected
- Government jobs -99K with 93K of those temporary census workers
- the number of long-term unemployed (those jobless for 27 weeks or more) increased by 385,000 to 3.9 million
The FX market isn't quite sure what to do with this. There's a touch of US dollar weakness but it's a mixed bag. USD/CAD is one spot where it's a bit more visible but that's because of the strong Canadian jobs report.
Here's the unemployment rate:
