Macro Strategy Insights

NFP Instant Reaction: A Strong Jobs Report – Across the Board

There is almost nothing to nitpick about this report (though we do have some caveats). Big beat on jobs 130k vs 65k expected. Private jobs crushed it, adding 172k (yes, public sector jobs shrank). Downward revision for prior 2 reports was “only” -17k. The benchmark revisions were -862k. A big number, but -825k was baked in, so kind of a rounding error at this stage on “old” data. Unemployment rate dropped to 4.3%. Not only did the Household Survey add 528k jobs, but we also got this drop even while labor participation INCREASED to 62.5% – a very healthy shift ... NFP Instant Reaction: A Strong Jobs Report – Across the Board

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