⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here
US Employment Cools Off in November, Earnings Increase
The US employment report for November was released a while ago and it was quite mixed. The unemployment rate fell, but so did the participation rate, which balance each-other out. Earnings on the other hand increased, which is a positive factor. But the cool off in new jobs was quite large, which is is weighing on the USD again.
- November non-farm employment +245K vs +460K expected
- October non-farm employment was 638K
- Unemployment rate November 6.7% vs 6.8% expected
- October unemployment rate 6.9%
- Participation rate 61.5% vs 61.7% expected
- Prior participation rate 61.7%
The participation rate declined by 2 points last month, so if participation would have held steady, the unemployment rate would have risen 0.1%.
- Underemployment rate 12.1% vs 12.1% prior
- Average hourly earnings MoM +0.3% vs +0.1% expected
- Average hourly earnings YoY +4.4% vs +4.2% expected
- Average weekly hours 34.8 vs 34.8 expected
- Two month net revision +11K
- Change in private payrolls +344K vs +540K expected
- Change in manufacturing payrolls +27K vs +40K expected
- Government jobs -99K with 93K of those temporary census workers
- The number of long-term unemployed (those jobless for 27 weeks or more) increased by 385,000 to 3.9 million
The FX market isn’t quite sure what to do with this. There’s a touch of US dollar weakness but it’s a mixed bag. Traders bought the USD initially after the report was released, but then it reversed lower and is declining across the board at the moment.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
Subscribe
Login
0 Comments
Top 4 Brokers
