U.S. jobs report for March

• Average hourly wage (compared to the same period last year) (y/y) (Mar), fact 3.2%, forecast 3.4%.
• Average hourly wage (m/m) (March), fact 0.1%, forecast 0.2%.
• Nonfarm payrolls (March), fact 196K, forecast 175K.
• Private nonfarm payrolls (March), fact 182K, forecast 170K.
• Unemployment (mar), fact 3.8%, forecast 3.8%.

The March jobs report in the United States turned out to be ambiguous. So, on the one hand, the number of people employed in the non-agricultural sector surpassed market expectations and showed a significant increase after a decline in February, but, on the other hand, wage growth showed a slowdown, indicating a decline in inflation in the long term.

Fig. 1. U.S. nonfarm payrolls chart

Following ambiguous employment data, the US dollar index also reacted differently. Data on the slowdown in wage growth increased the pressure on the American dollar. But, with the growing number of employees, the US dollar is likely to maintain an upward trend. Support levels: 97.20 and 97.00, resistance: 97.40-50.

Fig. 2. The US dollar index chart. The current price is 97.30 (10-year government bonds yield is the blue line)

Read also: “Dow Theory – Averages must confirm each other”

Hanzenko Anton

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