Non-farm payroll growth in the US was higher than expected
US employment data for November has been released. According to data from the US Department of Labor, nonfarm employment increased by 263,000 in November. The expectations were of an increase of 200 thousand people.
The unemployment rate in the country remained unchanged at 3.7 percent in November. The unemployment rate was registered in line with expectations. The broadly defined unemployment rate fell from 6.8 percent to 6.7 percent.
The non-agricultural employment data for the last two months was revised downward by 23,000 people. Average hourly earnings rose 0.6 percent per month in November. The expectation was at the 0.3 percent level The annual increase in average hourly earnings in November was 5.1 percent, beating expectations of 4.6 percent.
The labor participation rate in the country decreased from 62.2 percent in October to 62.1 percent in November.
THE DOLLAR LOWS THE GOLD RISES
The data announced revealed the strong outlook for the US job market. With expectations that the US Federal Reserve (Fed) will continue to raise interest rates, the dollar strengthened, while gold prices fell .
The drop below an ounce, which was at the $1,800 level before the data, exceeded 1 percent. The loss in the euro/dollar parity, which was at the level of 1.05360 with the strengthening of the dollar, exceeded 0.70 percent.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
