Macro Strategy Insights

NFP Instant Reaction: A Strong (Services) Jobs Report

The biggest contribution to today’s really strong NFP Establishment number (172k jobs created) was 70k in leisure and hospitality. Very consistent with the ongoing theme of experiential expenditure rather than goods expenditure (especially on housing-related goods). We had upward revisions of 93k – which is really strong, bringing the 3-month average up to 79k (which is likely higher than the “replacement” rate at this stage). The Household Survey showed job gains of 149k, breaking a 3-month streak of job losses. While that wasn’t enough to change the unemployment rate, the underemployment rate ticked lower to 8.1% – an improvement. The ... NFP Instant Reaction: A Strong (Services) Jobs Report

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