The labor market was stronger-than-expected in October, performing well ahead of the latest wave of coronavirus cases. The economy added 638,000 non-agricultural jobs and the unemployment rate fell a full percentage point to 6.9%. The government prepared data for the report in mid-October.
The dollar continues to fall today despite stronger-than-expected employment data. However, selling concentrated against the euro and the Swiss franc. The Australian dollar is taking a breather along with the world’s stock markets. There is no doubt that the dollar will end with its worst performance in a week, followed by the yen. Commodity currencies will remain in the end as the strongest.
The FOMC meeting at night did not generate many reactions. Traders await the final vote count in the US presidential elections. As expected, the Fed left the interest rate unchanged at 0-0.25% and the volume of asset purchases at $120 billion per month. The decisions were taken unanimously. Members acknowledged that economic recovery continues. However, they warned of the risks of slowing growth amid huge uncertainty about the coronavirus pandemic. Members pledged to use “a full range of instruments to support the US economy during this challenging time.”
Economists were worried that the growing spread of the coronavirus would affect the labor market and the economy in the coming months, with the US now having a record 121,888 cases daily. The Fed on Thursday said the spread of the virus could affect the way the economy is going.
Non-farm jobs (NFP) in the US rose 638,000 in October, data released Friday by the US Bureau of Labor Statistics showed. This value followed the September rise of 672,000 (revised from 661,000) and exceeded market expectations of 600,000.
Further details of the publication showed that the unemployment rate fell to 6.9% from 7.9% in September and was better than the analyst estimate of 7.7%. What’s more, the labor force participation rate rose to 61.7% from 61.4%, while average hourly earnings rose 4.5% year on year.
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