U.S. Employment Data - Ester Holdings
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U.S. Employment Data

  • Average hourly earnings (m/m) (July), fact 0.3%, forecast 0.2%.
  • Average hourly earnings (compared to the same period last year) (y/y) (July), fact 3.2%, forecast 3.1%.
  • Nonfarm payrolls (July), fact 164K, forecast 164K.
  • Private nonfarm payrolls (July), fact 148K, forecast 160K.
  • Trade balance (June), fact -55.20B, forecast -54.60B.
  • The unemployment rate (July), fact of 3.7%,  forecast 3.7%.

US employment data for July turned out to be more restrained. So, the main indicator of the growth of new jobs in the USA, the change in the number of people employed in the non-agricultural sector, fully coincided with expectations. The negative side of the report was a revision of the indicator of new jobs for June in the direction of lowering. At the same time, wage growth accelerated, reinforcing positive expectations for consumer inflation in the United States. As a result, the US employment report can be considered restrained positive, due to the continued significant growth dynamics of new jobs.

Fig. 1. The chart of changes in the number of employed in the non-agricultural sector of the United States

 

The US dollar index received low-key support on employment data, but continued to be limited by the risks of a worsening the US trade war. The US dollar index continues to be limited by lateral dynamics from 98.50 to 98.20-00.

Fig. 2. The US dollar index chart. Current price – 98.30 (10-year US government bonds yield – blue line)

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