🇺🇸❗️Cable FX Macro Weekly Note: January Non Farm Payrolls

**As seen in Risk In The Week report 01/26/24, subscribe at cablefxm.co.uk/reports

December payrolls showed the U.S. economy adding 216K jobs, this was above the market estimate of 175K and the prior 173K. The unemployment rate unexpectedly stayed at 3.7%, the consensus had seen an uptick to 3.8%. December average hourly earnings rose by 4.1% Y/y and 0.4% M/m, both topped economists' expectations. Revisions have adjusted previous figures considerably, the two-month net revision subtracted 71K jobs, which is about a quarter of the reported job creation over October and November.

Economists at CIBC expect the January net jobs figure at 170K, this is below consensus and they point to a potential pullback in leisure and hospitality jobs. However, CIBC said that the market will be most sensitive to the magnitude and direction of the revisions to prior months.