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No Rate Hike for You
Here's Chris Barraud's quick analysis of the Unemployment numbers this morning. He is one of the people that MarketSlant follows closely
#US (7) | The unemployment rate, unrounded, ? to 4.780% (vs 4.716% prior) because of a ? in the participation rate (62.9% vs 62.7% prior)
— Christophe Barraud (@C_Barraud) February 3, 2017
Here are the rest of his comments on the report as tweeted:
(1) | Nonfarm payrolls rose 227K in December (up 70K compared to December) and above estimates of 180K.
(2) | On the manufacturing front, payrolls increased by 5K while the index of aggregate weekly hours soared 0.3% MoM...
(3) | ...which implies a ? in the January Manufacturing Production (February 15th).
(4) | Wages growth slowed on a monthly basis, ? 0.1% (vs 0.3%e) and bringing the annual rate down to 2.5% from 2.8% in December.
(5) | The stabilization in the workweek (34.4) combined with the ? in payrolls led aggregate hours worked (a proxy for GDP growth)...
(6) | ...to increase by 0.16% MoM (vs +0.40% prior).
(7) | The unemployment rate, unrounded, ? to 4.780% (vs 4.716% prior) because of a ? in the participation rate (62.9% vs 62.7% prior)
(8) | The underemployment rate rose to 9.4% (highest since Oct. 2016) as the...
(9) | ...the number of Americans working part-time for economic reasons increased by 242K.
(10) | All in all, the report looks somehow disappointing and offers room for policy makers to wait before raising rates.
Gold Concurs
interactive chart HERE
As of this writing: April Gold is $1221.70 last, up $5.30. March Silver is $17.50 up 7 cents
About Chris: Chief Economist & Strategist at Market Securities | PhD | Bloomberg
Top Forecaster of the US Economy [2012-2016] & Eurozone [2015-2016]
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