Dollar fluctuates after fewer than forecast US job addition in September

  • by Ahmed Mamdouh
  • October 5, 2018, 12:44 AM
  • 373 Views
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The U.S. dollar erased its earlier losses against major currencies on Friday after the U.S. jobs report signaled a fewer than forecast jobs added in September.  

The non-farm figures signaled a lower than forecast job creation pace in September, deceleration in annual wage growth and drop in the unemployment rate. 

Analysts predicted a job creation of 185,000 jobs, but the reading showed 134,000 jobs added from an upwardly revised of 270,000 job-gain in August, which was 201,000 before revision.

Unemployment rate slipped to 3.7 percent, the lowest level since 1969, from 3.9 percent, beating forecasts of a rise to 3.8 percent.

The average hourly earnings gained 0.3 percent last month, matching forecasts, compared to a downwardly revised of 0.3 increase in August. That pushed the annual earnings growth to 2.8 percent from a previous of 2.9 percent.

This report is considered a little bit mixed as the upside revision in jobs in August offset the lower than forecast reading, while the deceleration in annual wage growth was outweighed by a drop in the jobless rate.

The dollar index fluctuated as it first erased its earlier losses to hover higher around 95.61, then it fell to 95.29.

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