Via Academy Securities' Peter Tchir,
There is almost nothing to nitpick about this report (though we do have some caveats).
Big beat on jobs 130k vs 65k expected. Private jobs crushed it, adding 172k (yes, public sector jobs shrank).
Downward revision for prior 2 reports was “only” -17k.
The benchmark revisions were -862k.
A big number but -825k was baked in, so kind of a rounding error at this stage on “old” data.
Unemployment rate dropped to 4.3%.
Not only did the household survey add 528k jobs, but we got this drop even while labor participation INCREASED to 62.5% -a very healthy shift in unemployment.
The birth/death model showed job losses of 69k.
Since I do think birth/death had an outsized influence on the revisions it is good to see a negative number here. It gives me more confidence in the print.
Source: ZeroHedge News
