Jobs Report

Job growth was a modest 128,000. The unemployment rate ticked up to 3.6%. Revisions added 95,000.

Initial Reaction

  • The core reading was a bit better than expected. The Econoday consensus was 90,000 in a range of 50,000 to 155,000.
  • Manufacturing lost 36,000 jobs vs a consensus of 50,000.
  • Job revisions were positive.
  • Hourly earnings were weak.