Independent Strategy

USUS December Non-Farm Payrolls

December Non-farm payrolls recorded a -140k drop, quite a bit below the markets +71k guess.  This takes the 3m average down to +283k.  Private sector payrolls were a little better than the headline print at -95k, helped by manufacturing which added +38k jobs while the decline in government moderated to -45k.  That was still the fourth consecutive decline but is largely census related.  Despite the headline miss revisions were very positive, +91k in November alone

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