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January Payrolls Miss Big, Adding Only 151,000 Jobs, But Hourly Wages Jump And Unemployment Slides To 4.9%
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden / 02/05/2016 08:37
A quick glimpse at the big miss in the January payrolls report, which just reported only 151,000 jobs gains well below the 190,000 expected and below most big banks’ expectations, if precisely on top of the whisper number, would have been sufficient to send futures soaring in the pre market: after all it would mean the economy has topped out and no more hikes are necessary.
Additionally, prior months were also revised sharply lower, with the November and October prints of 292K and 252K revised to 262K and 177K, a net loss of 105K jobs in the prior two months.
However, one glance below the headline and things get troubling because if indeed the Fed is most focused on the growth in hourly wages then we may have a problem:average hourly wages jumped by 0.5% – and 2.5% from a year ago – far above last month’s unchanged print, and quite a bounce to the expected 0.2%, suggesting wage inflation is indeed starting to heat up and putting the Fed in a very uncomfortable place.
Then there was the household survey which allegedly added 615,000 jobs, even if the pace of annual increase remains below the benchmark, at just 1.6% Y/Y.
The labor force participation rate eeked out another modest increase from a 30+ year low, rising to 62.8%, as a result of the people not in the labor force dropping by 41K while those allegedly employed (per the household survey) soared by 615,000, a number that is certain to be revised far lower.
The post January Payrolls Miss Big, Adding Only 151,000 Jobs, But Hourly Wages Jump And Unemployment Slides To 4.9% appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/05/january-payrolls-miss-big-adding-only-151000-jobs-but-hourly-wages-jump-and-unemployment-slides-to-4-9-2/
