Friday, March 10, 2017

Jobs Gains Beat Expectation But Disturbing Long-Term Trends Remain #Labor

News
The labor report, a continuation of the ADP's strong release, confirms the EAC's rather sudden transition in November. As a result, investors are beginning to discount a more aggressive Fed in 2017; this will only stir the ongoing currency manipulation debate that sees conspiracies and manipulations rather than the intentions of the invisible hand.

With that said, today's stronger than expected labor report did reverse the long term transition from higher paying goods-producing to lower paying service producing jobs (chart).

Chart


Headline: US created 235,000 jobs in Feb, vs 190,000 expected

Nonfarm payrolls increased by 235,000 in February and the unemployment rate was 4.7 percent in the first full month of President Donald Trump's term, the Bureau of Labor Statistics reported Friday.

Average hourly earnings increased by a healthy 2.8 percent on an annualized basis.


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