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Nov NFP: Mixed Bag But Enough To Keep The Fed

The US economy  gained 178K jobs but wages slipped by 0.1%, a mixed bag all-around. Here is a quick reaction from CIBC:

Here is their view, courtesy of eFXnews:

Today’s employment numbers were a bit of a mixed bag, but they were still good enough to keep the Fed on track to hike later this month.

Non-farm payrolls showed an increase of 178k, in line with consensus, with little revisions to the past two-months’ pace of hiring. Moreover, the unemployment rate fell three ticks to 4.6%, but some of that was due to a fall in labour force participation. Wages were less upbeat, with hourly earnings falling 0.1% on the month. That leaves the annual rate back down at 2.5%, from 2.8%. The uneven pace of growth reinforces our expectation that the Fed will still be taking a gradual approach to rate hikes in 2017.

Given the softness in wages, today’s release should be somewhat bullish for longer-term treasuries and negative for the dollar.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.