Non-farm payrolls in the US came in at 528 thousand in July, more than double the expectations.
The highly anticipated US employment data was announced. Non-farm employment data in the US came in twice above expectations.
According to the statement made by the US Bureau of Labor Statistics, non-farm employment increased by 528 thousand in July. Market expectations were for an increase of 258 thousand.
Non-farm employment data for May was revised from 384 thousand to 386 thousand and for June from 372 thousand to 398 thousand.
Private sector employment rose by 471 thousand, above the market expectation of 230 thousand. The increase in public sector employment was announced as 57 thousand.
Employment increased by 30 thousand in manufacturing sector, 32 thousand in construction sector and 7 thousand in mining sector.
Unemployment rate declined to 3.5 percent
In the same month, unemployment rate declined to 3.5 percent. Market expectations were for the unemployment rate to remain at 3.6 percent. The broad-defined unemployment rate remained at 6.7 percent.
In its latest projection report, the US Federal Reserve (Fed) estimated the unemployment rate expectation as 3.9 percent for this year, 4.1 percent for next year, 4.0 percent for 2024 and 5.2 percent for 2025. The Fed’s long-term unemployment rate expectation is 2.6 percent.
Hourly earnings increased by 0.47 percent monthly and 5.22 percent annually. Analysts expected a monthly increase of 0.3 percent and an annual increase of 4.9 percent. Average working hours remained unchanged at 34.6 hours.
The labor force participation rate in the country decreased from 62.2 percent to 62.1 percent.
The dollar index increased by 0.747 percent to 106.470 after the employment data
