US job creation surpasses forecasts, dollar strengthens

  • by Ahmed Mamdouh
  • July 5, 2019, 17:21 AM
  • 193 Views
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U.S. employers created more than forecast jobs in June, the non-farm payrolls report released on Friday showed, pushing the U.S. dollar higher.

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

Analysts predicted a job creation of 162,000 jobs, but the reading showed 224,000 jobs added from a downwardly revised of 72,000 job-gain in May.

Unemployment rate soared from a 50-year low of 3.6 percent to 3.7 percent, missing forecasts of no change.

The average hourly earnings gained 0.2 percent last month after 0.3 percent in May, missing forecasts of 0.3 percent. Yet, the annual earnings growth held at 3.1 percent.

The dollar index, which tracks the movements of the green currency versus a basket of major currencies, widened its gains to hit a new session high at 96.76, the highest since June 19, as of 12:41 GMT.

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