- Overnight Interest Rate Update 03.22.10 Mon, 22 Mar 2010 04:17 GMT
- Australian Vehicle Sales Fall for Second Month on Tax Break Expiry Mon, 22 Mar 2010 04:07 GMT
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- Mar, 22 Overnight Interest Rate Update 03.22.10
- Mar, 22 Australian Vehicle Sales Fall for Second Month on Tax Break Expiry
- Mar, 19 Canadian CPI Accelerates More Than Expected, USDCAD Plunges
- Mar, 18 Overnight Interest Rate Update 03.18.10
- Mar, 19 Overnight Interest Rate Update 03.19.10
- Mar, 17 U.K. Jobless Claims Free Falls Most Since 1997, GBPUSD Rallies
- Mar, 17 Overnight Interest Rate Update 03.17.10
- Mar, 16 Overnight Interest Rate Update 03.16.10
- Mar, 16 Understanding Credit-Default-Swaps
- Mar, 16 Australian Dollar Sold on Lackluster RBA Meeting Minutes
- Mar, 15 China Weekly 03.15
- Mar, 15 Overnight Interest Rate Update 03.15.10
- Mar, 15 New Zealand Service Sector Gains Momentum on New Orders, Sales Growth
- Mar, 15 UK House Price Growth Slows for First in Thirteen Months, Says Rightmove
- Mar, 12 U.S. Retail Sales Unexpectedly Increase in February, Spurring a Rise in USD/JPY
- Mar, 12 Overnight Interest Rate Update 03.12.10
- Mar, 12 New Zealand Retailing Outperforms on Fuel, Car Sales
- Mar, 11 SNB Keeps Rates Unchanged, Reaffirms Commitment to Limit Franc Appreciation
- Mar, 11 Overnight Interest Rate Update 03.11.10
- Mar, 11 Japan's GDP Report Shows Deflation Rate Doubled in Fourth Quarter
The U.S. labor market weakened at a slower pace in November, with non-farm payrolls slipping 11K from the previous amid forecasts for a 125K decline, while the annual rate of unemployment unexpectedly dropped to 10.0% from the 26-year high of 10.2%.
The breakdown of the report showed manufacturing payrolls slumped 41K during the month, with construction sliding 27K, while employment in services increased 58K to temper the decline in the labor market. At the same time, the gauge of job leavers increased to 6.0% from 5.7%, while average hourly earnings grew at a slower pace during the month, with the index increasing at an annual pace of 2.2% amid projections for a 2.3% rise. The data reinforces an improved outlook for future growth as the nation emerges from the worst recession since the Great Depression and conditions are likely to improve over the following year as the expansion in monetary and fiscal policy continues to feed through the real economy however, firms may keep a lid on production and employment over the coming months as global trade conditions remain weak.
The U.S. dollar bounced back across the board following the better-than-expected NFP release, with the EUR/USD breaking out of the narrow overnight range to reach a low of 1.4912 ahead of the North American trade. The euro-dollar broke below the 20-Day SMA (1.4977) for the first time this week, and may test the 50-Day SMA at 1.4869 for near-term support as the greenback continues to rally against its major currency counterparts. However, as the hourly RSI continues to push deeper into oversold territory, we may see the pair bounce back during the North American trade as equity futures foreshadow a higher open for the U.S. market.
Change in Non-Farm Payrolls Since 1970
Change in Non-Farm Payrolls (10 Year Chart)
Unemployment Rate Since 1970
Unemployment Rate (10 Year Chart)
Average Earnings Growth (YoY) Since 1970
Average Earnings Growth (10 Year Chart)
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