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Koefoed: NFP disappoints with August data surprising markets

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The latest NFP data leaves many analysts disappointed, with the 142k number for August coming in under the median estimate of around 230k. 
Saxo Bank's Head of Macro Strategy Mads Koefoed gives his immediate reaction and highlights the numbers within the data:
 
• Nonfarm payrolls disappoint printing 142k vs. 230k expected and 212k prior (revised from 209k)
• Private payrolls rose just 134k, the lowest since December 2013
• Despite a strong ISM manufacturing print no jobs were created in this sector in August
• Unemployment rate declined to 6.1% as expected, but it was entirely driven by a lower participation rate
• Good news are few and far between in this report, but hourly earnings did rise 0.2% m/m and were revised up for July to 0.1%