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Initial Hawkish NFP Reaction Faded, Report Not As Strong As Initial Headline Suggested

CROSS ASSET

As markets reverse the initial hawkish reaction to the U.S. NFP release we note that the more you look at the report the weaker it is. The household survey remains a meaningful source of concern and the establishment revisions take the sheen off the headline beat and then some.

  • It is likely that household seasonal adjustment issues are apparent given the drop in the labor force/employment/participation measures.
  • Not a bad report overall, but not as firm as it initially seemed, and that is without accounting for the revisions.
  • Also note that the decline total hours worked points to continued productivity growth.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletHomepageCommoditiesEquitiesEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletHomepageCommoditiesEquitiesEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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