On Tuesday the US employment report, Non-Farm Payrolls was released for September. The highly anticipated number in September was released just over 2 weeks late. It still provided molality for traders, but the number perhaps didn’t have the same prowess as usual. Analysts were quick to highlight that it will be the October jobs report which should be affected by the government shutdown.
The government shutdown began on October 1st so in theory, the September report shouldn’t be affected, though it could have had an impact on hiring managers view on the economy. Assuming the October report comes in below the monthly average, analysts will be quick to blame the government shutdown.
The October release will be pushed back by a week to Friday the 8th November, and the December release will revert to normal. (Friday 6th December)
The September report showed that there was an increase of 148,000 jobs, which disappointed the market, and pushed bank expectations of Fed tapering. This led to USD weakness across the board, and precious metals trading higher.
What is Non-Farm Payrolls?
Non-Farm Payrolls is the US employment report released by the United States Department of Labour, and is a comprehensive report on the US labour market. This includes employment in construction, manufacturing, goods and services, but does not include farm workers or non-profit organisations.
It is usually released on the first Friday of each month at 8:30am New York, and is a calculation of the number of jobs adder or lost in the economy over the preceding month.