Breaking: US NFP surges by 4.8 million in June, Unemployment Rate falls to 11.1%
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Nonfarm Payrolls (NFP) in the US increased by 4,800,000 in June, the data published by the US Bureau of Labor Statistics showed on Thursday. This reading followed May's increase of 2,699,000 (revised from 2,509,000) and came in better than the market expectation of 3,000,000.
Further details of the publication revealed that the Unemployment Rate fell to 11.1% from 13.3% in May and the Labor Force Participation Rate improved to 61.5% from 60.8%.
Follow our live coverage of the NFP report and the market reaction.
Market reaction
With the initial reaction, the US Dollar Index edged lower and was last seen losing 0.28% on the day at 96.88. Meanwhile, the S&P 500 futures are up 1.3% on the day, reflecting the positive impact of these figures on market sentiment.
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The US economy gained 4.8 million jobs in June, better than three million expected, and on top of 90,000 added in revisions to previous months. The Unemployment Rate fell to 11.1%. That came on top of an increase in the participation rate from 60.8% to 61.5%.
Gold refreshes session lows, slides below $1765 level post-NFP.
Gold remained depressed through the early North American session and refreshed daily lows, around the $1763 region following the release of US monthly jobs report.
Key takeaways from the press release
"The number of persons not in the labor force who currently want a job, at 8.2 million, declined by 767,000 in June but remained 3.2 million higher than in February."
"In June, average hourly earnings for all employees on private nonfarm payrolls fell by 35 cents to $29.37."
"The decreases in average hourly earnings largely reflect job gains among lower-paid workers; these changes put downward pressure on the average hourly earnings estimates."
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