Global Daily: Without Me

US non-farm payrolls shocked the market on Friday with new hiring in the month printing at +256,000 versus a median estimate of +165,000 on the Bloomberg survey. The unemployment rate fell 1-tick to 4.1% and the underemployment rate (the U6 rate) fell from 7.8% to 7.5%, which is the lowest reading since June. The participation rate remained unchanged at 65.1% and the net two-month revision was a fairly minor -8,000. Growth in average hourly earnings was a touch below expectations at 3.9% year-on-year while manufacturing payrolls fell slightly to illustrate our point from last week that the renaissance in US factory construction is yet to bear fruit in the employment figures.