June 2020 US non-farm payrolls data
- Prior was +2509K
- Unemployment rate 11.1% vs 12.5% expected
Details:
- Two month net revision +90K
- Participation rate 61.5% vs 61.2% expected
- Prior participation rate 60.8%
- Avg hourly earnings -1.2% m/m vs -0.7% exp
- Prior avg hourly earnings -1.0%
- Avg hourly earnings +5.0% y/y vs +5.3% exp
- Prior avg hourly earnings +6.7%
- Avg weekly hours 34.5 vs 34.5 exp
- Private payrolls 4767K vs +3000K exp
- Manufacturing +356K vs +438K exp
- U6 underemployment 18.0% vs 21.2% prior
The BLS said the unemployment rate would have been 1 percentage point higher if workers would have been classified correctly but even with that, it would have been better than expected. This is a very strong number and much better than anticipated.
The initial market reaction has been muted in FX but equity futures have pushed to the best levels of the day.