Non-public nonfarm payroll employment surprises on the upside (large time): 223K vs 125K consensus (complete NFP 254K vs. 147K consensus). Furthermore, the earlier two months’ information have been revised a complete of 46K. Right here’s a graph of reported September and August launch numbers, vs. Bloomberg consensus and my nowcast (reported yesterday).
Determine 1: Non-public NFP, September launch (daring blue), August launch (black), nowcast based mostly on ADP (blue), +/- 1 std error band (grey), Bloomberg consensus (crimson +). Supply: BLS, Bloomberg, writer’s calculations.
The implied degree of September employment was nicely inside the 68% (plus/minus 1 std error) band for the nowcast based mostly on the ADP collection. Word the imply revision (imply absolute revision) going from 1st to third launch is -30 (50) in 2023.
Extra on the employment launch to come back.
