Date- September 1, 2023
Place- New Delhi, India
The Bureau of Labor Statistics is set to release Unemployment Rate and Non Farm Payrolls along with other important economic data indicators today at 8:30 AM ET (6PM IST). The effect can be seen in the Movement of USD against different currencies including USDINR and DXY is nearly flat at 103.5
Unemployment Rate and Non Farm Payrolls Data for the month of July
In July 2023, the US unemployment rate dropped marginally to 3.5 percent from 3.6 percent in June, which was below market estimates of 3.6 percent. The number of employed individuals increased by 268 thousand to 161.27 million, while the number of jobless persons fell by 116 thousand to 5.841 million. In addition to individuals who want to work but have given up looking for a job and those who work part-time because they can’t find full-time employment, the so-called U-6 unemployment rate decreased from 6.9 percent in June 2023 to 6.7 percent in July 2023. At 62.6 percent, the labor force participation rate remained constant and was at its highest point since COVID.
An estimated 170,000 new jobs were added to US nonfarm payrolls in the month of August, slightly fewer than the 187,000 positions gained in July. Since there has been a fall in job growth since December 2020, this is the poorest month for job growth. Additionally, it is the third month in a row that job gains have fallen short of the 200,000 threshold, indicating a gradual improvement in labor market conditions, which is mostly attributable to the Federal Reserve’s considerable interest rate increases intended to slow down economic demand.
The unemployment rate is expected to stay at 3.5%, the highest it has been since 1969, and pay growth is predicted to stay at 4.4%.