Free Trial

Booming Payrolls Revisions In January

US DATA
  • Non-farm payrolls were far stronger than expected at 353k (cons 185k) and with some extremely strong historical revision, even more notably so for private payrolls which were revised up from an average monthly 134k to 170k in 2H23. Latest trends:


  • Nonfarm payrolls: average monthly 289k in 1H23 (from 257k) and 220k in 2H23 (from 193k). It leaves total payrolls 3-month av 289k, 6-mth av 248k.
  • Private payrolls: average monthly 224k in 1H23 (from 204k) and 170k in 2H23 (from 134k)
  • Govt payrolls: average monthly 65k in 1H23 (from 53k) and 50k in 2H23 (from 59k).
  • Benchmark revision: -187k NSA basis vs benchmark estimate -306k for Mar'23.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.