The WSJ’s Timiraos called the US jobs report weird in a tweet that outlined a WSJ article. “Hiring smashed expectations”, but “no decline in the unemployment rate”. The average hourly earnings were also little lesson expectations. WSJ Timiraos calls the jobs report weird. In the article: U.S. job growth exceeded expectations with 336,000 jobs added
When the US jobs report came out and showed a stronger-than-expected 336K nonfarm payroll jobs (estimate 170K) and revisions of over 100K to the prior month’s, the US dollar moved higher, yields moved higher and stocks moved lower. However, then people started to look at things like the unemployment rate remaining at 3.8% (despite the
The ranges from the survey are useful to be aware of for such high-profile data. When the actual results fall outside the range of estimates the market impact can be outsized. I posted earlier in the week the range of estimates for the ADP data, which then came in well below. The market response was
