• Prior was +139K (revised to +144K)
• Two-month net revision: +16K versus -95K prior
• Unemployment rate: 4.1% versus 4.3% expected
• Prior unemployment rate: 4.2%
• Unrounded unemployment rate: 4.117% versus 4.244% prior
• Participation rate: 62.3% versus 62.4% prior
• Average hourly earnings (m/m): % versus +0.3% expected and +0.4% prior
• Average hourly earnings (y/y): % versus +3.9% expected and +3.9% prior
• Average weekly hours: 34.2 versus expected and 34.3 prior
• Change in private payrolls: +74K versus +105K expected and +140K prior — lowest since Oct 2024
• Change in manufacturing payrolls: +7K versus -5K expected and -5K prior
• Government jobs: +73K versus -1K prior
• Full-time jobs: +437K versus -623K prior
• Part-time jobs: -367K versus K 33K prior
• Household survey +93K vs -696K prior

USD/JPY was trading at 143.87 ahead of the data and shot to 144.97 afterwards as pricing for a July rate cut fell to pretty much nil. September pricing is also down to 20.8 basis points from 30 bps yesterday.

This is a big sigh of relief in markets after a poor ADP jobs reading yesterday.

The US dollar is broadly higher on the data and yields up 3-9 bps led by the front end.

Here is the breakdown, which shows that the large majority of the jobs were government or government-adjacent (healthcare). State and local hiring was huge and focused on education.

h/t @byHeatherLong

This article was written by Adam Button at www.forexlive.com.