7 Apr 2014
US NFP summary - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, summarizes last Friday's NFP report, concluding that any weather disruption impact on existing payrolls between December and January was minimal.
Key Quotes
"US non-farm payrolls rose 192k in March, and the usual upward revisions added a further 37k jobs to Jan and Feb, such that March was 5k down on February’s gain."
"The industry breakdown for March showed almost the same hiring gains as in February except that factory jobs fell 1k after rising 19k in Feb; and retail jobs rose 21k after falling 2k in Feb."
"There was a 0.6% bounce in average weekly hours worked in March after they fell 0.3% in Feb, essentially the reversal of the prior month’s snow disruption."
"The separate household survey showed a 478k jump in employment, accounted for by 503k new entrants into the labour market; the 0.2 ppts gain in participation to 63.2 meant that the jobless rate was unchanged at 6.7% in March."
"One thing is clear from all this: the snow disruption impact on existing payrolls was minimal, seemingly limited to construction jobs temporarily lost in December but recovered in January."
Key Quotes
"US non-farm payrolls rose 192k in March, and the usual upward revisions added a further 37k jobs to Jan and Feb, such that March was 5k down on February’s gain."
"The industry breakdown for March showed almost the same hiring gains as in February except that factory jobs fell 1k after rising 19k in Feb; and retail jobs rose 21k after falling 2k in Feb."
"There was a 0.6% bounce in average weekly hours worked in March after they fell 0.3% in Feb, essentially the reversal of the prior month’s snow disruption."
"The separate household survey showed a 478k jump in employment, accounted for by 503k new entrants into the labour market; the 0.2 ppts gain in participation to 63.2 meant that the jobless rate was unchanged at 6.7% in March."
"One thing is clear from all this: the snow disruption impact on existing payrolls was minimal, seemingly limited to construction jobs temporarily lost in December but recovered in January."