Prior was +177K (revised to +147K)Two-month net revision: versus -58K priorUnemployment rate: 4.2% versus 4.2% expectedPrior unemployment rate: 4.2%Unrounded unemployment rate: 4.244% versus 4.1872% prior --highest unrounded print since October 2021Participation rate: 62.4% versus 62.6% priorAverage hourly earnings (m/m): +0.4% versus +0.3% expected and +0.2% priorAverage hourly earnings (y/y): +3.9% versus +3.7% expected and +3.8% priorAverage weekly hours: versus 34.3 expected and 34.3 priorChange in private payrolls: +140K versus +120K expected and +167K prior (revised to +146K)Change in manufacturing payrolls: versus -5K expected and -1K priorGovernment jobs: -1K versus +10K priorFull-time jobs: versus +305K priorPart-time jobs: versus +56K priorHousehold survey vs +436K priorUSD/JPY was trading at 144.26 just ahead of the data and the market was pricing in 80 bps in easing in the year ahead, which is at 79 bps afterwards. There was a slight hawkish reaction to the data which I would classify more as a 'sigh of relief' that jobs were better than ADP. With the revisions, it was slightly less than expected and also note falling labor force participation; if not for that the unemployment rate would have risen further.Note the composition as well:Healthcare: +62,000 jobs (hospitals +30,000, ambulatory care +29,000, nursing facilities +6,000).Leisure & hospitality: +48,000 jobs (mostly food/drinking places +30,000).Social assistance: +16,000 jobs.Federal government: -22,000 jobs (down 59,000 since January).The government job losses are a solid sign that the private sector is doing better but healtcare is government-adjacent and the rest of the jobs aren't high quality. This article was written by Adam Button at www.forexlive.com.