July US non-farm payrolls 943K vs 870K estimate

Nonfarm payroll for July 2021

• Prior was 850K revise higher to 938K. May was revise to 614K from 583K
• nonfarm payroll 943K vs 870K estimate
• unemployment rate 5.4% vs 5.7% estimate.  Prior unemployment rate came in at 5.9%
  
• Participation rate 61.7% vs  vs 61.6% last month
  
• Underemployment rate 9.2% vs 9.8% last month
• Average hourly earnings MoM 0.4% vs 0.3% estimate
  
• Average hourly earnings YoY 4.0% vs 3.9% estimate
  
• Two month net revision plus 119K
• private payrolls 703K vs 700K est
  
• goods producing 44K
• service producing 659K
  
• Government 240K
  
• part-time employment  unchanged from the prior month
  
• Manufacturing jobs 27K. Construction 11K
• leisure and hospitality 380K
  
• local government education +221K.  
  
• professional business at and services, +60 K
  

For the full report CLICK HERE

Overall a strong report across the board.  Unemployment rate lower, underemployment rate lower.  Nonfarm payroll beats and revisions good.  Average hourly earnings higher.  

The BLS does report that the education component in local government +221K was distorted by the Covid virus that led to changes in the trends of that specific category. 

In the markets:

• Dow +68 points
• NASDAQ -45 points
  
• S&P +4 points
  
• 10 year yield 1.276%
  
• Spot gold is down $14 at $1790.22
  
• WTI crude oil futures are up $0.79 at $69.90
  

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Ahead of the report:

•  the Dow was near unchanged. 
• The Nasdaq futures implied a 21 point decline. 
• The S&P was up 1 point. 
• 10 year yield was at 1.251%.  
• Crude oil was up $0.50 at $69.61. 
• Gold was down -$7.00 at $1797.21. 

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August 07, 2021 at 12:30AM
Greg Michalowski
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