Long-awaited US NFP report for August has been released at 1:30 pm BST. Report showed a small headline miss but given lacklustre ADP reading on Wednesday, it can be considered a beat. Below there a key takeaways from the report:
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Employment change: 1317k vs 1400k expected
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Unemployment rate: 8.4% vs 9.8% expected
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Wage growth: 4.7% YoY vs 4.5% YoY expected
Report confirmed that recovery in the US labour market moderated. A steep drop in unemployment rate is somewhat puzzling. USD, gold and stock market indices jumped in a knee-jerk move. However, gains on gold and USD were quickly erased while equities seesawed.
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Source: xStation5
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