Highlights of the US non-farm payrolls report for September 2017
Prior was +156K
Estimates ranged from -45K to +153K
Private payrolls -40K vs +75K expected
Unemployment rate 4.2% vs 4.4% expected
Participation rate 63.1% vs 62.9% prior
Wages data:
Average hourly earnings +0.5% vs +0.3% expected
Prior average hourly earnings +0.1%
Average hourly earnings +2.9% vs +2.6% expected
Average weekly hours 34.4 vs 34.4 expected
Hurricane Irma hit during the survey week.
Lowest unemployment rate since 2001
Fed’s Kaplan: Seeing Tightening In Labour Markets
-Expects Some Building Of Wage Pressure
Fed’s Kaplan: Sees Some Structural Headwinds
-Companies Have ‘Much Less’ Pricing Power
Fed’s Kaplan: Should Be Patient On Rate Move
-Still Behind 2% Inflation Target