Nonfarm Payrolls (NFP) in the US rose by 245,000 in November, the data published by the US Bureau of Labor Statistics showed on Friday. This reading followed October’s increase of 610,000 (revised from 638,000) and missed the market expectation of 469,000 by a wide margin.
Further details of the publication showed that the Unemployment Rate fell to 6.7% from 6.9% in October and the Labor Force Participation Rate edged lower to 61.5% from 61.7%.
With the initial reaction, the US Dollar Index edged lower and was last seen losing 0.2% on the day at 90.53.
“The employment-population ratio, at 57.3%, changed little over the month but is 3.8 percentage points lower than in February.”
“In November, average hourly earnings for all employees on private nonfarm payrolls increased by 9 cents to $29.58.”
“The average workweek for all employees on private nonfarm payrolls remained unchanged at 34.8 hours in November.”
NFP Quick Analysis: Why the meager 245K rise is unlikely to depress the dollar, three reasons.
It is all a matter of timing. An increase of 245,000 jobs would be considered robust in the pre-pandemic era, but when the data relates to November 2020, a figure in the upper edge of the old normal represents the end of the recovery.