US nonfarm payroll 517K vs 185K estimate. Unemployment rate 3.4% vs 3.5% estimate

[forex4you]

US nonfarm payroll 517K vs 185K estimate. Unemployment rate 3.4% vs 3.5% estimate

<p>The January 2023 US job report shows:</p><ul><li>Nonfarm payroll 517K vs 185K estimate</li><li><a href="https://www.forexlive.com/news/us-december-non-farm-payrolls-223k-vs-200k-expected-20230106/" target="_blank" rel="follow">prior month 223K</a> (was expecting 200 K last month). Rewvised to 260K</li><li>the nonfarm payroll for November was revised up 34K from 256K to 290K. The December was revised up 37K from 223K to 260K for a total 2 month increase of 71K adding to the stronger data. </li><li>Unemployment rate 3.4% vs 3.6% estimate. Prior month 3.5%</li><li>Average hourly earnings 0.3% vs 0.3% expected. Per month 0.3%</li><li>Average hourly earnings YoY 4.4% vs 4.3% expected. Last month 4.6%</li><li>Participation rate 62.4% versus 62.3% last month</li><li>Average weekly hours 34.7 versus 34.3 estimate. Last month 34.3</li><li>Change manufacturing payrolls 19K versus 6K estimate</li><li>Payrolls benchmark NSA revision for 2022</li><li>Payroll benchmark SA 2022</li></ul><p>A huge beat that may have some seasonality issues, but it is impressive with gains and revisions well above expectations. The average gain in 2022 was 401K</p><p>From the BLS:</p><p>Job growth was widespread, led by gains in leisure and hospitality, professional and
business services, and health care. Employment also increased in government, partially
reflecting the return of workers from a strike.</p><ul><li>Leisure and hospitality rose 128K</li><li>manufacturing +19</li><li>construction +28K</li><li>professional and business services 82K</li><li>healthcare +58K</li><li>transportation and warehousing +23K</li></ul><p>Key levels before the report:</p><ul><li>Dow -74 point</li><li>S&P -22 points</li><li>NASDAQ index of -105 points</li><li>two year yield 4.112%</li><li>10 year yield 3.386%</li><li>EURUSD 1.0922</li><li>USDJPY 128.55 always shipped</li></ul><p>The current levels immediately after the report are showing</p><ul><li>Dow Industrial Average -182 points</li><li>S&P index -50 points</li><li>NASDAQ index -205 points</li><li>two year yield 4.205%, +10.3 basis points</li><li>10 year yield 3.471% +7.3 basis points</li></ul><p>What to do no?</p><p>The dollar is moving higher. </p><ul><li>The USDJPY is trading up from 128.55 to 129.83. That is it taken the price back above its 100 and 200 hour moving averages at 129.45 and 129.685 respectively</li><li>The EURUSD has moved down from a pre-level of 1.0922 to the current level of 1.0843. That has taken the price below its 100 and 200 hour moving averages at 1.0901 and 1.0892.</li></ul><p>15 minutes past the release, the US stocks or lower:</p><ul><li>Dow Industrial Average -191 points</li><li>S&P index -46 point</li><li>NASDAQ index -224 points</li></ul>

                This article was written by Greg Michalowski at www.forexlive.com.

Source: US nonfarm payroll 517K vs 185K estimate. Unemployment rate 3.4% vs 3.5% estimate

forexlive.com