Firm employment report underscores American economic strength

Firm employment report underscores American economic strength

In December, American employers managed to hire the most employees for 10 months, while increasing wages, hinting at sustained strength in the American economy, which could soothe worries of a steep deceleration in surge.

On Friday, the positive employment report from the Labor Department contrasted with this week’s reports, disclosing that Chinese factory activity shrank for the first time for 19 months in December. Additionally, they pointed to dismal manufacturing across the European bloc.

Worries about the American economy went up after polls disclosing steep dives in consumer confidence as well as manufacturing activity the previous month that roiled financial markets.

As some financial analysts pointed out, December’s leap in payrolls would seem to make a mockery of market worries of an impending downtime. This employment report suggests that the American economy still boasts significant forward momentum.

The previous month nonfarm payrolls tacked on by 312,000 jobs, which appears to be the most impressive leap since February because employment at construction sites rebounded after being restrained by November’s unseasonably cold temperatures.

The previous month there were also broad leaps in hiring. October’s and November’s data were updated to disclose 58,000 more jobs than previously posted. In 2018, the American economy generated up to 2.6 million jobs in contrast with 2.2 million recorded in 2017.

In December, average hourly earnings went up by 0.4% having soared by 0.2% in November. It ramped up the annual increase in wages to up to 3.2%, matching October's ascend, from November’s outcome of 3.1%. In December, the average workweek managed to ascend to 34.5 hours versus November’s reading of 34.4 hours.

The unemployment rate tacked on to 3.9% from a 49-year minimum of 3.7% in November because a firm labor market had some 419,00 jobless US citizens pulled from the sidelines.


Key Forex Event: US Inflation Rate
Key Forex Event: US Inflation Rate

The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.

NFP forecasts of 8 major banks 
NFP forecasts of 8 major banks 

The US will reveal Non-farm payrolls today at 15:30 GMT+3. Here are the forecasts of 8 major banks regarding the upcoming NFP report. The common forecast (market consensus) is 500K. What’s yours?

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Will USD Stop Falling Today? Market Wrap
Will USD Stop Falling Today? Market Wrap

The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong. 

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