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FXstreet.com: Fundamental
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FXstreet.com: Fundamental. Get the grip on the macro-economic picture with the most respected firms.
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US: recessionary unemployment dynamics
Overview : The US unemployment rate jumped to a five-year high of 6.1% in August from 5.7% in July. Labour market dynamics are now sending mixed signals, as the move in the unemployment rate is consistent with a recessionary US economy, while the trends in job losses continue to look more moderate. The economy shed 84K jobs in August (DB -90K, Consensus -75K) and the net revision to employment figures for the previous months amounted to -58K. Thus, overall job losses amounted to 142K persons.
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U.S Market Update
- The soft economic data is dragging down markets this morning. The Labor Department reported that the August unemployment rate rose to 6.1%, its highest level in nearly five years, well above the expected 5.7% reading. August non-farm payrolls decreased by 84,000, slightly more than expected, while the prior month's number was revised upward (from -51K to -100K) for the seventh month in a row. In addition, the Q2 mortgage delinquencies reading rose to 6.41%, the highest level since records
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Gold Investments Market Update
Gold Gold rose sharply soon after the poor unemployment report as the dollar fell and equities have again come under pressure with sharp falls in international markets. The US economy appears to be slowing quite sharply as seen in the unemployment rate unexpectedly rising to 6.1 percent in August, its highest in more than 4 1/2 years. Employers cut payrolls for an eighth straight month and labor markets showed signs of accelerating decline. A slowing US economy will likely lead to a lower
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It's the economy, stupid!
Weak economies can bring down presidents, and can certainly bring down commodity prices. The commodity market has, broadly speaking, experienced a six-year-long boom driven by supply disruptions and galloping demand. Hence, the past couple of months have been a rude awakening for the market. Oil prices have collapsed by close to USD 40 from the peak and major base metals like copper and aluminium have seen their 2008 gains more or less erased in two months. Many commentators have pointed to
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Non-farm payrolls for the month of August turned out to be worse than expected
· The Rupee pared its initial gains, to touch its lowest level since December 2006, as equity markets remained in the red. However, further depreciation was restricted due to Central Bank intervention. The USD/INR pair ended at 44.66 from 44.38 yesterday. · The 6- month and 1-year forward premium was at 2.83% and 2.56% as compared at 2.63% and 2.46% yesterday. · The Dollar trimmed some of its gains against most majors after non-farm payrolls for the month of August turned out to be worse than
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