U.S Non-Farm Payrolls at 80K, Unemployment Rate Steady at 8.2% - 6.7.2012
The US economy added 80,000 new jobs in June excluding the farming sector, higher from a revised 77,000 in May, the US bureau of Economic Analysis reported today. Market participants were expecting Non-Farm Payrolls for June at 100,000, however the release was a disappointment for the U.S labor market. Moreover, the Unemployment Rate for June remained steady at 8.2 per cent as projected.
The weak data for the labor market could set pressure on the Federal Reserve to take further measures to support growth and recovery in the US economy. In June the FED extended its “Operation Twist” stimulus measure but now there is speculation of further actions like extending Asset Purchases. The US dollar added value against its major peers, except the Japanese Yen, as weaker employment in US raised demand for safer currencies.