U.S. Adds More Jobs As Unemployment Back to 16 Year Low


Goldman Sachs take on the NFP report:

– Non farm payrolls reflecting broad-based growth across industries
-Our Fed probabilities unchanged, with a cumulative probability of 60% for another hike by the December meeting
– Solid growth in manufacturing jobs
– Modest rise in construction employment
– Unchanged mining and logging payrolls
– Employment growth in private service-providing industries accelerated to a 10-month high
– Retail employment was soft for the second month (+1k) but nonetheless remained firmer than the outright declines seen in each of the previous four months
– The breadth of job growth was particularly encouraging
– Broader U6 rate remained unchanged at 8.6%, as a decline in the share of workers on part-time schedules for economic reasons was partly offset by an increase in the share of marginally attached workers
-Our Q2 wage tracker – which distills signals from several wage measures – held steady at 2.3%[/li]