US payrolls provide a warm seasonal glow to optimists - Rabobank

The Rabobank Research Team offers their afterthoughts on the US Employment and Consumer Sentiment data released last Friday.

Key Quotes:

“Friday’s US payrolls were strong, albeit boosted by the return of GM workers after a labor dispute.

The 266K report and 41K two-month upwards revisions, 3.5% unemployment rate, and 3.1% y/y average earnings growth (albeit on a 1-tick miss in the m/m print at just 0.2%)--to say nothing of the stronger-than-expected Michigan sentiment and consumer credit surveys--all combined to provide a warm seasonal glow to optimists.”