U.S Non-Farm Payrolls at 163K, Unemployment Rate Rises to 8.3% - 3.8.2012
The US economy added 163,000 new jobs in July excluding the farming sector, higher from a revised 64,000 in June, the US Bureau of Economic Analysis reported today. Market participants were expecting Non-Farm Payrolls for June at 100,000, however the release was better for the U.S labor market. Moreover, the Unemployment Rate for June rose by 0.1 per cent to 8.2 per cent, the increase in the in the NFP was not enough to reduce Unemployment due to the increase in the Labor Force.
Stronger data for the Non-Farm Payrolls could support consumer spending and demand, major drivers of economic growth however the increase of Unemployment could not change expectations of easing monetary policy by the Federal Reserve. The US dollar added value against its major peers, the US dollar index found support at 82.73 and bounced up after the release of NFP to 83.11.