Nonfarm Payrolls Disappoint: Risk Off, Dollar Down

  • US Labor – Aug Nonfarm Payrolls +156K; Consensus +179K
  • US Aug Unemployment Rate 4.4%; Consensus 4.3%
  • US Aug Average Hourly Earnings +0.11%, or +$0.03 to $26.39; Over Year +2.5%
  • US Aug Private Sector Payrolls +165K and Government Payrolls -9K
  • US Aug Average Workweek -0.1 Hour to 34.4 Hours
  • US Aug Labor-Force Participation Rate 62.9%
  • US Jul Payrolls Revised to +189K; Jun Revised to +210K
  • US Jul Unemployment Unrevised at 4.3%

August non-farm payrolls rose by a seasonally adjusted +156k m/m – the unemployment rate rose to +4.4% from +4.3%, though the level remains atop of historical lows.

For the Fed, wages maintained a modest growth rate.

Note: The data does not reflect any disruptions caused by Hurricane Harvey and related flooding in Texas.

Average hourly earnings for private-sector workers increased +3c last month to +$26.39 an hour. From a year earlier, wages rose +2.5%, consistent with their growth pace for most of this year.

The labor-force participation rate held steady at +62.9% in August.

Net result – the Fed will find it tough to sell another rate hike in 2017.

USD under pressure across the board (€1.1946, £1.2935, ¥109.70). U.S 10-year yield falls -2 bps to an intraday low for 2017 at +2.10% and gold prices rally +0.8% to +$1,1324.


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