- Consensus estimate +200K
- Private +190K
- October +233K
- Unemployment rate consensus estimate: 3.7% vs 3.7% prior
- Participation rate prior 62.2%
- Prior underemployment U6 6.8%
- Avg hourly earnings y/y exp +4.6% y/y vs +4.7% prior
- Avg hourly earnings m/m exp +0.3% vs +0.4% prior
- Avg weekly hours exp 34.5 vs 34.5 prior
Here's the November jobs picture so far:
- ADP employment 127K vs 200K expected
- ISM manufacturing employment 48.4 vs 50.0 prior
- Challenger Job Cuts rose 416.5% y/y
- Philly employment 7.1 vs 28.5 prior
- Empire employment 12.2 vs 7.7 prior
- Initial jobless claims survey week 223K vs 228K exp
- ISM services employment not yet released
USD/JPY has been taking an absolute throttling over the past three days, including a 120 pip drop today. That's surely chased out many on the crowded long side of the trade. The bond rally has also been a curious one in the past 24 hours. That all leaves the market vulnerable to two-sided risks.
