US job creation miss forecasts, dollar slides to seven-week low

  • by Ahmed Mamdouh
  • June 7, 2019, 16:51 AM
  • 140 Views
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U.S. employers created fewer than forecast jobs in May, the non-farm payrolls report released on Friday showed, pushing the U.S. dollar to its lowest level in seven weeks.

The NFP figures signaled a lower than forecast job creation pace last month, retreat in annual wage growth and stability in the jobless rate. 

Analysts predicted a job creation of 177,000 jobs, but the reading showed 75,000 jobs added from a downwardly revised of 224,000 job-gain in April.

Unemployment rate lingered at a 50-year low of 3.6 percent, coming in line with both prior and expected readings.

The average hourly earnings gained 0.2 percent last month, missing forecasts of 0.3 percent, similar to the prior increase. Yet, the annual earnings growth retreated from 3.2 percent to 3.1 percent.

The dollar index, which tracks the movements of the green currency versus a basket of major currencies, widened its losses to hit a new session low at 96.58, the lowest since April 17, as of 12:50 GMT.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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