US July non-farm payrolls +187K vs +200K expected

<ul><li><a href="https://www.forexlive.com/news/us-june-non-farm-payrolls-209k-vs-225k-expected-20230707/" target="_blank" rel="follow">Prior </a>was +209K (revised to +185K)</li><li>Two-month net revision -49K vs -6K prior</li><li>Unemployment rate 3.5% vs 3.6% expected</li><li>Prior unemployment rate 3.6%</li><li>Participation rate 62.6% vs 62.6% prior</li><li>U6 underemployment rate 6.7% vs 6.9% prior</li><li>Average hourly earnings +0.4% m/m vs +0.3% expected </li><li>Average hourly earnings 4.4% y/y vs +4.2% expected</li><li>Average weekly hours 34.3 vs 34.4 expected</li><li>Change in private payrolls +172K vs +179K expected</li><li>Change in manufacturing payrolls -2K vs 5K expected</li><li>Household survey +268K vs +273K prior</li><li>Birth-death adjustment +290K vs +26K prior</li></ul><p>The headline is showing what the Fed wants to see — a gradual cooling — but the pickup in wages is a problem and that kind of thing isn't going to reverse the rise in Treasury yields.</p>

This article was written by Adam Button at www.forexlive.com.