U.S. and Canada Employment Data
USA:
- Average hourly earnings (compared to the same period last year) (y/y) (Aug), fact 3.2%, forecast 3.1%.
- Average hourly earnings (m/m) (Aug), fact 0.4%, forecast 0.3%.
- Nonfarn payrolls (Aug), fact 130K, forecast 160K.
- Economically active population (Aug), fact 63.2%, previous value 63.0%.
- Private nonfarm payrolls (Aug), fact 96K, forecast 150K.
- Unemployment rate (Aug), fact 3.7%, forecast 3.7%.
Canada:
- Employment Change (Aug), fact 81.1K, forecast 18.9K.
- Unemployment rate (Aug), fact 5.7%, forecast 5.7%.
The number of new jobs in the non-agricultural sector of the United States has slowed, which caused restrained pressure on the US dollar. And most importantly, it confirmed fears of a slowdown in the growth of new jobs in the United States. At the same time, the rest of the US employment report remains very positive.
Fig. 1. The chart of changes in the number of employed in the non-agricultural sector of the United States
Employment data in Canada turned out to be more positive due to a sharp increase in employment.
The US dollar index returned to decline, amid weaker employment data than expected, continuing to be limited to the side channel from 98.50 to 98.20. Further dynamics of the American dollar will largely depend on the speech of the US Federal Reserve Chairman Powell and his tone regarding stimulating the US economy. Against this background, a more significant surge in euro volatility is possible.
Fig. 2. The US dollar index chart. Current price – 98.30 (10-year US government bonds yield – blue line)
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Hanzenko Anton
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