Couple points on NFP print
1) Women's non white labor force not picking up which might be a daycare problem and as such the supply problem is still there.
Which means more job switching, higher quits and more scope for wages to continue higher.
1/4
1) Women's non white labor force not picking up which might be a daycare problem and as such the supply problem is still there.
Which means more job switching, higher quits and more scope for wages to continue higher.
1/4
2) Seasonal Adjustments which have a massive impact this month on the Hospitality sector with NSA -413k and SA +74k. My seasonal adjustment gives me +154k. Not a massive adjustment but it's more in line with the ADP data this month (which was outlier for L&H)
2/4
2/4
3) Wages increases were concentrated in the medium wage categories which means there is some contagion of low wages hikes (which are still seeing strong hourly earnings increases) to the medium wages.
3/4
3/4
For me it means the "dovish take" the market has on the number is maybe not the right one.
Education & Health Services weekly earnings are now up 10.5% from the start of 2020.
The ones at the back are making cars (+2.4%) and they might just move to Amazon at that stage.
4/4
Education & Health Services weekly earnings are now up 10.5% from the start of 2020.
The ones at the back are making cars (+2.4%) and they might just move to Amazon at that stage.
4/4
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