Breaking: Non-Farm Payrolls beat with 196K but wages only 0.1% MoM , USD ticks down
|The US economy gained 196K jobs in March, slightly better than expected. February was revised up to 33K from only 20K expected. However, wages are up 0.1% MoM and 3.2% YoY.
The unemployment rate is at 3.8% with a drop in participation down to 63%. Private payrolls are up 182K, better than the ADP number that stood at 129K. The U-6 Underemployment Rate is unchanged at 7.3%. The net revision for the past two months is an increase of 14K.
The USD reacted in a choppy manner on the mixed data but is generally on the back foot. Markets see this as a "Goldilocks" report: not too hot, not too cold.
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EUR/USD jumped towards 1.1250, GBP/USD is up from the lows towards 1.3100. USD/JPY is around 111.60.
EUR/USD chart:
The US was expected to report an increase of 180K positions in March after a meager increase of only 20K in February. Wages were projected to remain steady with an annual rise of 3.4% once again.
The disappointing data in February came after several outstanding months, and many believe it was a one-off event. However, with growing concerns about the economy and the risk of recession, the number is watched very closely. ADP reported a not-so-great increase of 129K private sector positions in March.
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