Friday saw a quite a quite shocking miss on US Non-Farm Payrolls of just +20k, but the number needed to be seen in context of an exceptional January print (revised up to 311k) and weather-related hits to the likes of the construction sector (e.g. the Household Survey, from which the unemployment rate is calculated not non-farm payrolls, reported that the number of non-farm workers unable to work because of the weather was some 160k above the average of the last 10 Februarys). I should also note that at 186k, the 3-month average is still more than enough to keep downward pressure on the unemployment rate. Indeed, this fell by 0.2% to 3.8% so back close to the cycle low of 3.7% witnessed in Q4 2018. Equally, or perhaps even more significant, average hourly earnings rose by 0.4% (0.3% expected) too see annual growth lift to 3.4% from 3.2%. This compared to the 2018 increase of 3% and 2.6% in 2017. The Phillips Curve may be much flatter these days, but it is not completely flat, at least judging from these numbers.

To mark my 1800th issue of TraderNoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day To demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on bryan@tradernoblecom for details

For anyone following my Platinum Service it made 209 points on Friday and is now ahead by 242 points for March, having made 1013 points in February, 1671 points in January, 2803 points in December, 1541 points in November and 2094 points in October. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points

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