US NFP Surges by 1.37 M in August

The US Non-Farm Payrolls report (NFP) released by the United States Bureau of Labor Statistics on Thursday increased by 1,371,000 in August.

This reading fell short of the market expectation of 1.4 million and followed July’s print of 1,734,000 (revised from 1,763,000).

Other details of the release indicated that the unemployment rate fell to 8.4% from 10.2% in July, and the labour force participation rate improved to 61.7% from 61.4%. and the Average Hourly Earnings rose 4.7% on a yearly basis to match July’s reading.

The initial market reaction saw the US dollar index rose 0.12% to 92.88.