- Prior was +209K (revised to +185K)
- Two-month net revision -49K vs -6K prior
- Unemployment rate 3.5% vs 3.6% expected
- Prior unemployment rate 3.6%
- Participation rate 62.6% vs 62.6% prior
- U6 underemployment rate 6.7% vs 6.9% prior
- Average hourly earnings +0.4% m/m vs +0.3% expected
- Average hourly earnings 4.4% y/y vs +4.2% expected
- Average weekly hours 34.3 vs 34.4 expected
- Change in private payrolls +172K vs +179K expected
- Change in manufacturing payrolls -2K vs 5K expected
- Household survey +268K vs +273K prior
- Birth-death adjustment +290K vs +26K prior
The headline is showing what the Fed wants to see -- a gradual cooling -- but the pickup in wages is a problem and that kind of thing isn't going to reverse the rise in Treasury yields.
