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9 Feb 2015
US NFP: Hard to find any fault - TDS
FXStreet (Bali) - James Marple, Senior Economist at TDS, notes that is hard to find any fault with last Friday's US Non-Farm Payrolls.
Key Quotes
"The jobs report just keeps getting better. It's hard to find any fault with this one. Not only did job growth beat expectations, but wage growth accelerated strongly (showing December's fall to be anomalous, as we had predicted). Even the rise in unemployment happened for all the right reasons – strong (household) employment but growth, but even stronger labor force growth."
"The upward revisions show the end of last year to be the strongest period of job creation since 2000. The gain in jobs was comprehensive, with support from both goods-producing and services industries.This should assuage fears over the seeming slowdown in economic growth in the quarter."
"The growth in wages is just as important an indicator as the number of jobs created. The acceleration in January is more consistent with other labor market indicators. With job openings rising and businesses increasingly confident in the outlook, this should continue going forward, giving support to income growth and consumer spending over the coming quarters."
"The continued growth in manufacturing employment is encouraging. Tepid global growth and rise in the U.S. dollar present challenges to the manufacturing sector. The hope is that that these will be offset by higher domestic demand. So far, that story appears to be holding."
Key Quotes
"The jobs report just keeps getting better. It's hard to find any fault with this one. Not only did job growth beat expectations, but wage growth accelerated strongly (showing December's fall to be anomalous, as we had predicted). Even the rise in unemployment happened for all the right reasons – strong (household) employment but growth, but even stronger labor force growth."
"The upward revisions show the end of last year to be the strongest period of job creation since 2000. The gain in jobs was comprehensive, with support from both goods-producing and services industries.This should assuage fears over the seeming slowdown in economic growth in the quarter."
"The growth in wages is just as important an indicator as the number of jobs created. The acceleration in January is more consistent with other labor market indicators. With job openings rising and businesses increasingly confident in the outlook, this should continue going forward, giving support to income growth and consumer spending over the coming quarters."
"The continued growth in manufacturing employment is encouraging. Tepid global growth and rise in the U.S. dollar present challenges to the manufacturing sector. The hope is that that these will be offset by higher domestic demand. So far, that story appears to be holding."