June NFP jump 287,000 but total unemployed jumps 347,000


US non-farm payrolls jumped 287,000 in June, well above expectations. If we back out the 35,100 Verizon strikers from the previous month the number normalizes at 251,900 which is still a good number vs expectations of 180,000 (range 50,000-243,000). Although the May figure of 38,000 was revised down to 11,000 so the real number for June is closer to 224,900.

Average weekly hours were unchanged at 34.4 and average hourly earnings came in at 0.1%MoM vs estimates of 0.2%MoM. Note the total number of unemployed rose 347,000 in June to 7.78mn.


In a market starved of good news this will be seen as a positive and US S&P futures are up around 0.8%. European markets seem overjoyed (DAX +2.2%)  with the result but its problems are in front of it, not behind. The slow down is still upon us.

Japanese yen softened to 101 top the dollar immediately on the news but quickly back to 100.5

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