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NFP beats: 228K, wages still stuck: 2.5% y/y – USD only slightly lower

It is the same story over and over again: the job market looks healthy but the salaries remain low. It’s not different this time. Jobs are up 228K with minor revisions worth +3K. Wages are up only 0.2% with a downward revision of 0.1%. This leaves the y/y wage growth at 2.5%, lower than 2.7% that was expected.

The US dollar initially dropped across the board but is now resuming its uptrend, as seen during the week. This report will not stop the FED from raising rates in December, and tax cuts are coming together nicely.

Other figures are mixed: the unemployment rate is low at 4.1% but the participation rate is also low, and this case negatively so at 62.7%. The underemployment rate,  U-6, is 8%, slightly worse than expected. The employment-population ratio is 60.1%, a bit higher.

Here is a live blog of the event together with Valeria Bednarik of FXStreet:


The US economy was expected to gain around 200K jobs in November after hurricane-affected months beforehand. Wages carries expectations for a rise of 0.3% m/m and 2.7% y/y. While the event will not move the Fed from raising rates in December, it will certainly rock the US dollar as it has future implications.

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.