US employment data is below all forecasts

Source: Dukascopy Bank SA


The Bureau of Labor Statistics has published the Non-farm Employment Change, Average Hourly Earnings and the Unemployment Rate. The data has been abysmal. US Dollar index has reacted to the news with an initial drop downwards below 105.00.

Non-farm Employment Change was forecast to show 238,000 new jobs created. Actual numbers is just 175,000.

Average Hourly Earnings were expected to show an increase of 0.3%. Wages have increased just 0.2%.

The Unemployment Rate has not remained at 3.8%. It has moved back to 3.9%.

The data reveals that the US economy is not doing well, as the Chairman of the Fed stated on Thursday. The economy is declining. A declining economy might need interest rate cuts. This is the reason the USD is declining.
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