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Peter Davis

An writer at FOMOdrive

  • Dec 08, 2023
  • 2 min read

The dollar soared after news from the US

On Friday, the dollar experienced a surge in value following the publication of positive US labor market figures.

In November, the amount of new jobs created surpassed expectations.

The figures for unemployment rate and average wage growth were higher than anticipated.

The dollar index reached a three-week peak of approximately 104.3.

On Friday, the US Bureau of Labor Statistics reported that US nonfarm payrolls increased by 199,000 in November, surpassing the predicted 180,000 new jobs.

In an unexpected turn of events, the unemployment rate in November dropped by 0.2%, settling at 3.7%. This is a decrease from its highest levels since January 2022, almost two years ago. No changes were anticipated.

Last month, average hourly wages increased by 0.4% compared to the predicted 0.3%, indicating a positive monthly growth in average wages. This is an important sign of inflation, and the annual growth of average salaries was in line with expectations at 4.1%.

The data on the share of the economically active population and the average length of the working week was better than anticipated, although there was a minor setback.

In November, there was a marked rise in new jobs, largely due to a surge in public sector employment, which rose by 49 thousand. Private non-farm sector employment also rose, though not as much as predicted (+150 thousand, compared to the expected +153 thousand).

Reuters reports that US job growth increased in November, despite an influx of people into the workforce, indicating a strong foundation. This growth was partially due to the return of auto workers and actors after strikes.

On October 31, the United Auto Workers (UAW) concluded their strike with 25,300 members returning to work, and 16,000 members of the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) also resumed their duties.

The US central bank is expected to keep interest rates unchanged next Wednesday, despite the jobs report suggesting that market expectations of a rate cut as early as the first quarter of 2024 were premature.

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