01:30 PM BST, United States – Employment Data for August:
- Nonfarm Payrolls: actual 22K; forecast 75K; previous 79K;
- Private Nonfarm Payrolls: actual 38K; forecast 75K; previous 77K;
- Government Payrolls: actual -16.0K; previous 2.0K;
- Manufacturing Payrolls: actual -12K; forecast -5K; previous -2K;
- Average Hourly Earnings: actual 3.7% YoY; forecast 3.7% YoY; previous 3.9% YoY;
- Participation Rate: actual 62.3%; previous 62.2%;
- Unemployment Rate: actual 4.3%; forecast 4.3%; previous 4.2%;
Employment data came in well below expectations for August. In addition, there were revisions to the last two months (June and July), with a slight upward revision for July – June to −13k (from +14k) and July to +79k (from +73k), leaving employment for June–July 21k lower than previously reported.
EURUSD is sharply higher, and the market is currently pricing a full rate cut in September, with potentially another in October and December.
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