Later on this evening US nonfarm payrolls for December will be released, an important event that has largely been overlooked given the recent trials and tribulations seen in Chinese markets.
Here’s the state of play.
- In November payrolls increased by 211,000, taking the rolling 12-month total to 2.637 million, down from 2.849 million seen in the 12-months to October.
- The unemployment rate rate held at 5.0% for a second consecutive month, the lowest level seen since April 2008.
- The steady unemployment rate came despite labour market participation ticking up to 62.5% from 62.4% in October. It still sits near a multi-decade low.
- Underemployment – combining unemployed and underutilised workers – rose to 9.9% from 9.8% in October.
- Average hourly wages increased by 0.2%, leaving the annual rate slightly lower at 2.3%.
- In December markets expect payrolls to increase by 200,000, leaving the unemployment rate steady at 5.0%.
- Average hourly earnings are tipped to increase by a further 0.2%, leaving the annual rate at 2.8%. This would mark the fastest annual acceleration in wage growth seen since June 2009, and firm up expectations for further near-term rate hikes from the US Federal Reserve.
The payrolls report will be released at 12.30am AEDT Saturday morning.
Business Insider will have full coverage as soon as the data drops.