Unemployment Rate Drops To 16-Year Low

Unemployment Rate Drops To 16-Year Low

Unemployment Rate Drops To 16-Year Low

The labor force participation rate fell slightly to 62.7 percent during President Donald Trump's fourth full month in office, continuing to trend at its lowest rate since the late 1970s. Following sizable revisions downward in the March and April jobs reports, it may be time to suggest that President Donald Trump's campaign promise to bring jobs back to the us has disappointed.

Each of the last two monthly job gains were revised down in Friday's report, with March's payroll growth coming down by 29,000 and April's gains coming down by 37,000. They also forecast wage growth hovering around 2.6% - a slightly better rate of growth compared to recent years, even though it's still considered sluggish.

"The rest is kind of this noise, the monetary policy, what's going on in DC", Arone said, referring to Washington. The dollar was down 0.9% against the yen at the time of writing, and yields on 10-year treasury notes touched their lowest level since November, as investors sought haven assets.

The dollar also received an additional lift as an improvement in broader risk sentiment - Japan's Nikkei reached a 22-month peak after Wall Street set record highs - curbed demand for the safe-haven yen. Both later trimmed gains closed the day higher. The Dow Jones Industrial Average .DJI rose 76.47 points, or 0.36 percent, to 21,220.65.

"That today's U.S.jobs report is going to be strong appears to have become the consensus, so it has become hard for participants to sell the dollar", said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

"A hike in June is still on the table but the news flow will have to improve for the Fed to keep tightening in the second part of the year", said Thomas Julien, U.S. economist, at Natixis North America in NY.

The US dollar index was down by 0.4% at 96.77 at 9:02 a.m. ET after drifting little changed ahead of the report.

The euro is up by 0.4% at 1.1259 against the dollar. Brent crude oil, the global benchmark, is down by 2.2% at $49.52 per barrel.

The greenback fell to seven-month troughs against euro and Swiss franc, while sliding from a one-week high versus the yen. U.S. West Texas Intermediate crude futures fell 52 cents to $47.84 per barrel.

Average hourly earnings, year-on-year: 2.6%.

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