Independent Strategy

USMacro Data – US December Non-farm Payrolls

Another weaker than expected headline non-farm payrolls number, with the report stating 199k new jobs were created during the month versus the 400k median guess.  Private sector jobs growth came in at 211k (mkt 365k).  Manufacturing payrolls added 26k (mkt 35k) jobs while government lost another 12k, their fifth consecutive decline.  The revisions however remain upward, with 156k added in October and November compared to the initial release and the average revision over the past year hitting 79.3k.  There was better news on the participation rate, which was revised up to 61.9% and held steady in December.  That underpinned the further decline in the unemployment rate, U3 falling to 3.9% from 4.2% and U6 to 7.3% from 7.7%.  The average work week was stable at 34.7hrs, which is another positive, full-time employment growing while part-time dipped again.

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