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US Non Farm Payrolls Increased by 227,000

Published February 3, 2017
  • US Non Farm Payrolls had the largest gain in four months, higher than consensus expectations of 170k; construction firms and retailers ramp up hiring
  • The US Unemployment Rate rose to 4.8% from 4.7% while average hourly earnings edged up 0.1%, suggesting there is still some slack in the labour market
  • The marginal rise in average hourly earnings is a bit of a surprise given that 19 states increased their minimum wage last month and the year-over-year increase in earnings lowered to 2.5% from 2.8% in December
  • US CEOs meet with President Trump today amid tension over some of his policies
  • The Peoples Bank of China raised the interest rates it charges on short-term open-market operations by 10bps; key lending rate was left unchanged 4.35%
  • BoJ disappointed the market with bond operations buying much less than expected 
  • GBP and EUR both weakened by 0.2% with lingering comments on the latter around currency manipulation from US politicians
  • Factory orders rose 1.3% in December, stronger than the 0.5% increase forecasted
  • Orders for all of 2016 were 1.4% below the full year tally for 2015

Chart (1) Average Hourly Earnings Year-Over-Year Contrasted with Monthly Change (All Workers)