Post-NFP thoughts from the banks

Goldman Sachs: Household survey looks bad, drop in labor force participation. Only 16k increase in household employment. No major revision to prior month. Unemployment rate just rounds down to 6.1 (6.1497 unrounded). Avg hourly earnings at 0.2, upward revision to prior month but y/y at 2.1% is in line w/consensus

Jefferies: Payroll Quick Take: Payrolls came in well below expectations, with the weakness spread generally across the board. On the positive side, AHE rebounded from last month, but it is still up just 2.1% YoY. This should take some wind out of the sails for the FOMC hawks.

Citi: Looking into the number : Manuf is looking pretty weak in the number – the other indicators are at odd with this. Candidate for revision next month? Retail is also looking weak. Our economists think that overall the trend still points up. You’ve had some pretty punchy progress and will be bound to find the odd print and only second print below 200k this year after all. So overall we would not panic too much about the number.

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