US DATA: December NFP Beat Again Offset By Downward Revisions
Jan-05 13:57By: Chris Harrison
- Nonfarm payrolls increased 216k in Dec for a 41k beat to consensus but was offset by -71k of downward revisions, landing more heavily in October.
- Looking back since March, seven months now have beaten consensus estimates for the latest month, yet net of two-month revisions only two months have surprised higher.
- There was a similar story in private payrolls as well, the 164k increase in Dec marked a 34k beat but with a -55k downward revision.
- The NFP 3mma of 165k is the lowest since Jan’21, the private payrolls 3mma of 115k is joint low with August for the lowest since Jun’20.
