The most important US-job report for July was released on Friday. It was established 162 000new jobs in July, much weaker than expected. Growth for May and June was simultaneously adjusted down with 7000 and 19 000 respectively. 185 000 nonfarm payrolls were expected. The unemployment rate decreased from 7,6 to 7,4 %. Employment in the private sector increased with 162 000, 33 000 lower than expected.
The unemployment figures are far from the 6,5 % target set from the US Federal Reserve (FED) as benchmark for terminating the bond buying program of USD 85 billion monthly. It also helps to explain why FED in its policy forecast last Wednesday was careful not give any clear indication on a deadline for monetary easing. While the US economy slowly has picked up in 2013 there is no fundamental turnaround.
The postponement of any firm deadline for the termination of monetary easing is seen as positive for the stock markets which reached new record highs. S&P reached a new peak of 1700. The stock futures have fluctuated following employment data. Stock markets in Europe ended the week in red while Japanese Nikkei climbed 2,82 percent on a weaker yen.
The dollar extended gains prior to the unemployment report on expectations that an upbeat jobs report will prompt FED to withdraw stimulus soon. The disappointing employment data turned markets around. The Euro gained immediately 50 points against the dollar trading at 1.3253. Gold which dropped to 1282 bounced back 30 dollar in some few minutes. Oil prices are still hig
EURO/USD started trading in Asia at 1.3283. USD/JPY stands at 99.00. Gold dropped down to USD 1311 an ounce. Brent crude started the week down trading at USD 108,95 a barrel.
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