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US DATA: Surprisingly Sturdy Payrolls Growth, No Offset From Revisions

US DATA
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Payrolls two-month revisions were also very small, at just -8k, and don’t alter the pattern of a sharp hit from storms and strikes in Oct before a bounce in Nov (43k in Oct before 212k in Nov). 

  • The 256k in December leaves a strong recent trend, with 255k in Sep, an average of 128k for those two months (initially 132k) before surprisingly reaccelerating again.
  • Revisions are even smaller for the private sector at just -1k (slightly less sharp hit in Oct, slightly less large recovery in Nov) and paints a similar picture to overall nonfarm, with 222k in Sep, 96k averaged in Oct-Nov and then ramping up to 223k in Dec.
  • See table and charts for recent trends. 
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Payrolls two-month revisions were also very small, at just -8k, and don’t alter the pattern of a sharp hit from storms and strikes in Oct before a bounce in Nov (43k in Oct before 212k in Nov). 

  • The 256k in December leaves a strong recent trend, with 255k in Sep, an average of 128k for those two months (initially 132k) before surprisingly reaccelerating again.
  • Revisions are even smaller for the private sector at just -1k (slightly less sharp hit in Oct, slightly less large recovery in Nov) and paints a similar picture to overall nonfarm, with 222k in Sep, 96k averaged in Oct-Nov and then ramping up to 223k in Dec.
  • See table and charts for recent trends. 
image