Nonfarm Payrolls Add 80K in June, Miss Views; Traders Keep Eyes on Fed
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According to new data from the U.S. Department of Labor, the U.S. added just 80,000 nonfarm jobs in the month of June, missing views calling for gains of 100,000. The number was up from 77,000 added in May.
Private payrolls added 84,000 jobs in June, its lightest showing in the last 10 months, data show. Expectations called for the addition of 106,000 private payrolls.
The unemployment rate remained flat at 8.2 percent. Unemployment has been above 8 percent since February 2009. Bloomberg-compiled data has the unemployment rate being above 8 percent at its longest stretch on record.
Average hourly earnings rose from $23.44 to $23.50 with the average workweek rising 6 minutes to 34.5 hours. So, the average American is bringing in $42,159, from $41,929 in May (based on a simple 52-week year measure).
Numbers come following Thursday's report from ADP showing the addition of 176,000 jobs in June, with May's number rising a revised 3,000 higher to 136,000.
The slow additions underscore challenges the U.S. is still facing amid uncertain macro events. A bit of hope was unveiled Thursday, when the People's Bank of China (PBOC) and ECB both cut lending rates in an effort to spur growth in those economies, while the Bank of England tacked-on £50 billion to its asset buying program.
In June, comments from Fed chair Ben Bernanke hinted there wouldn't be another round of quantitative easing anytime soon, but Operation Twist would continue through the end of 2012. With more dire economic data coming out in recent weeks, (such as the ISM Manufacturing Index at 49.7, the first time its been below 50 in three years), traders might expect a little more action from the Fed.
For more raw numbers from the payroll report, click here.
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Private payrolls added 84,000 jobs in June, its lightest showing in the last 10 months, data show. Expectations called for the addition of 106,000 private payrolls.
The unemployment rate remained flat at 8.2 percent. Unemployment has been above 8 percent since February 2009. Bloomberg-compiled data has the unemployment rate being above 8 percent at its longest stretch on record.
Average hourly earnings rose from $23.44 to $23.50 with the average workweek rising 6 minutes to 34.5 hours. So, the average American is bringing in $42,159, from $41,929 in May (based on a simple 52-week year measure).
Numbers come following Thursday's report from ADP showing the addition of 176,000 jobs in June, with May's number rising a revised 3,000 higher to 136,000.
The slow additions underscore challenges the U.S. is still facing amid uncertain macro events. A bit of hope was unveiled Thursday, when the People's Bank of China (PBOC) and ECB both cut lending rates in an effort to spur growth in those economies, while the Bank of England tacked-on £50 billion to its asset buying program.
In June, comments from Fed chair Ben Bernanke hinted there wouldn't be another round of quantitative easing anytime soon, but Operation Twist would continue through the end of 2012. With more dire economic data coming out in recent weeks, (such as the ISM Manufacturing Index at 49.7, the first time its been below 50 in three years), traders might expect a little more action from the Fed.
For more raw numbers from the payroll report, click here.
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