Peter Boockvar on January Jobs Report

Some insights below the surface of this morning’s Non Farm Labor report on January employment:

Payroll jobs grew by 227k, 47k more than expected. There were revisions that I’ll go back to September with which took off about 10k. The private sector added 237k jobs, 62k more than expected. The service sector contributed 192k while goods producing added 45k, 36k of which was in construction (good weather as ADP said?) and 5k was from manufacturing. In services, retail added 46k, more than the 34k in December which means seasonals had an impact as less people were hired for the holidays than seasonally adjusted for, therefore less were fired in January. The financial sector and leisure/hospitality also were the biggest additions to job growth.

Wage gains were disappointing, rising only .1% m/o/m and 2.5% y/o/y and weekly earnings were up also just .1% m/o/m and 1.9% y/o/y. Hours worked was unchanged at 34.4.

A so-so report has bond yields backing off a bit. Banks will not be trading on this today, however. They’ll be much more keyed-in to the news out of Washington about regulatory rollback. Read about that here in my latest op-ed: Dangerous Stability Threatens America’s Banks

Source:

Peter Boockvar
Managing Director, Chief Market Analyst
The Lindsey Group LLC

What's been said:

Discussions found on the web
  1. hack scanner commented on Sep 25

    … [Trackback]

    […] Find More here to that Topic: thereformedbroker.com/2017/02/03/peter-boockvar-on-january-jobs-report/ […]

  2. british dragon testosterone commented on Oct 22

    … [Trackback]

    […] Info on that Topic: thereformedbroker.com/2017/02/03/peter-boockvar-on-january-jobs-report/ […]

  3. Automated regression testing solutions commented on Nov 28

    … [Trackback]

    […] Here you will find 55732 additional Information to that Topic: thereformedbroker.com/2017/02/03/peter-boockvar-on-january-jobs-report/ […]

  4. 토렌트사이트 추천 commented on Dec 19

    … [Trackback]

    […] Info to that Topic: thereformedbroker.com/2017/02/03/peter-boockvar-on-january-jobs-report/ […]

  5. Bilskrot bildelar Trollhättan commented on Dec 26

    … [Trackback]

    […] Find More Info here on that Topic: thereformedbroker.com/2017/02/03/peter-boockvar-on-january-jobs-report/ […]

  6. order seafood online in bulk commented on Dec 29

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2017/02/03/peter-boockvar-on-january-jobs-report/ […]

  7. Buy Guns Online commented on Jan 12

    … [Trackback]

    […] Find More on on that Topic: thereformedbroker.com/2017/02/03/peter-boockvar-on-january-jobs-report/ […]