6 Mar 2016
Nonfarm payrolls summarized - ANZ
Analysts at ANZ noted last week's main event in the nonfarm Payrolls data.
Key Quotes:
"Total US non-farm payrolls rose by 242k in February, with the unemployment rate steady at 4.9% and the participation rate rising by 0.2ppts to 62.9%. Revisions to the previous two months were positive to the tune of 30k.
Retail jobs rose 55k suggesting that private consumption growth remains healthy. Construction employment rose 19k, so housing looks okay, and despite shedding 16k jobs, the manufacturing work week was unchanged at 40.8 hours.
That fits with the ISM data indicating some stabilisation in that sector. For the non-manufacturing economy, private service producing job rose 245k indicating that real private final demand is holding up despite the international headwinds."
Key Quotes:
"Total US non-farm payrolls rose by 242k in February, with the unemployment rate steady at 4.9% and the participation rate rising by 0.2ppts to 62.9%. Revisions to the previous two months were positive to the tune of 30k.
Retail jobs rose 55k suggesting that private consumption growth remains healthy. Construction employment rose 19k, so housing looks okay, and despite shedding 16k jobs, the manufacturing work week was unchanged at 40.8 hours.
That fits with the ISM data indicating some stabilisation in that sector. For the non-manufacturing economy, private service producing job rose 245k indicating that real private final demand is holding up despite the international headwinds."