Breaking: NFP misses with 130K, but high wages – USD falls

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The US economy has gained only 130K positions in August, below 158K expected. Average hourly earnings increased by 0.4%, better than expected.

The US dollar is a tad lower on the news.

— more to come

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The US was expected to report an increase of 158,000 jobs in August after 164,000 in July (before revisions). Average hourly earnings were projected to increase by 0.3% MoM – repeating July’s rise – and 3.1% YoY.

Jerome Powell, Chair of the Federal Reserve, will speak later today in Zurich. He may comment on the figures and may also provide clues toward the outcome of the Fed’s critical decision. His appearance is the last from the any Fed official until the September 18 decision.

Markets have been upbeat ahead of the publication amid optimism related to trade talks. The US and China agreed to resume high-level negotiations in October. 

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