[B]The American job market gained 432,000 jobs in May, weaker than 524,000 that were expected. This disappointment is mostly due to weak hiring in the private sector. The unemployment rate fell to 9.7%, which is marginally better than predicted, but comes due to drop of people out of the available labor force. These results triggered risk aversive trading [URL="http://www.forexcrunch.com/category/forex-weekly-outlook/eur-usd-outlook/"]EUR/USD[/URL] reached 1.2016 following the release, before bouncing back to 1.2040.[/B]
Most of the rises are due to hiring in the public sector, as expected. The decennial census in held in May created lots of public jobs during the months that preceded the census, and the hiring reached a climax in May. But other components werent so good:
The disappointment comes from the private sector only 41,000 jobs [URL="http://www.marketwatch.com/story/hiring-weak-in-may-except-for-census-workers-2010-06-04"]were gained[/URL] there. This core figure is very far from a gain of 180,000 jobs that was predicted. Also the better-than-expected drop in the unemployment rate is due to the dropout of 322,000 people out of the available work force. No good news here as well.
Read the rest of the report about the [URL="http://www.forexcrunch.com/non-farm-payrolls-fall-short-dollar-rallies/"][I][B]Non-Farm Payrolls[/B][/I][/URL].
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