The United States Department of Labor has announced that created 303,000 non-agricultural payrolls (NFP) in the month of March, a figure much higher than the 200,000 expected by the market. This is the largest increase in the number of jobs in ten months. The February figure has been revised downwards, standing at 270,000 compared to the 275,000 payrolls published a month ago.
The unemployment rate has fallen by one tenth, dropping to 3.8% from the previous and expected 3.9%.
He Average hourly earnings have risen 0.3% monthly, as expected, while the February indicator has been revised to 0.2% from 0.1%. On an annual basis, the hourly wage has increased by 4.1% compared to the previous 4.3%, in line with expectations.
The labor force participation rate has risen in March to 62.7% from 62.5% previously. On the other hand, the U6 underemployment rate remains unchanged at 7.3%.
economic indicator
Non-farm payrolls
The most important result contained in the employment report is the monthly change in non-farm payrolls published by the US Department of Labor. The report publishes job creation estimates for the previous month and revisions to the data for the previous two months. Monthly changes in payrolls can be very volatile and the publication of this report generates high volatility in the dollar. A result above the market consensus is bullish for the dollar, while a result below expectations is bearish.
Last post: Fri Apr 05, 2024 12:30
Frequency: Monthly
Current: 303K
Dear: 200K
Previous: 275K
Fountain: US Bureau of Labor Statistics
The monthly US employment report is considered the most important economic indicator for currency traders. Published on the first Friday following the reported month, the change in the number of employees is closely related to the overall performance of the economy and is monitored by policymakers. Full employment is one of the Federal Reserve's mandates and it considers the evolution of the labor market when setting its policies, which affects currencies. Despite several leading indicators shaping estimates, Non-Farm Payrolls tend to surprise markets and trigger substantial volatility. Actual numbers that beat consensus tend to be bullish for the USD.
dollar reaction
The Dollar Index (DXY) has reacted higher on the news, rising to a two-day high of 104.59 points.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
