🇺🇸 Cable FX Macro Weekly Note: U.S. Non Farm Payrolls

**As seen in Risk In The Week report 08/26/2022, subscribe at cablefxm.co.uk/reports

July Non Farm Payrolls expanded at 528K, this was above 300K the median survey of 250K and the highest forecast. The 3.5% figure followed a June upwardly revised number of 398K, this leaves the three-month average Non Farm Payrolls at 437K. Manufacturing payrolls jumped by 30K, following a previous increase of about the same rate. Leisure and hospitality added 96K jobs, government added 57K. The unemployment figure fell to 3.5% from 3.6%. Not only the headline number can better than previous, the average hourly earnings continued to rise to 0.5% M/M from 0.4%, broadly speaking, the report was a beat and favored Fed hawkish expectations from market participants. Wells Fargo Securities notes that the labour report in June was not exactly what the Fed would like to see, wage growth came stronger than expected and the labor participation rate fell by 0.1%. Wells Fargo says they would be a surprise if job growth continues at the same pace from July in the months ahead, they expect headline figure to print at 325K in August. - Cable FX Macro