📊 Headline Jobs Post First Downside Surprise Since March 2022: Cable FX Macro
- Rosbel Durán
- Jul 7, 2023
- 1 min read
**As seen in Non Farm Payrolls Dashboard, subscribe at cablefxm.co.uk/reports
June average hourly earnings rose by 4.4% Y/y from the prior 4.3%, the re-acceleration in earnings printed at 0.4% M/m
Unemployment fell to 3.6% while the participation rate came in steady at 62.6%
Manufacturing payrolls rebounded to 7K from the prior -2K, this was above the estimate of 5K
June jobless rate ticked higher in Latino and African American workers, while it came lower among the white labour force
Unemployment rate among workers with less than high school education jumped to 6.0%, the highest level since October
Education and government sectors led jobs gains at 73K and 60K, respectively, leisure and hospitality followed at 21K
At 209K, the headline missed consensus by 21K, this is the first downside surprise since March 2022. The one-year average of headline - consensus is now at 93K
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