- Prior +73k; revised to +77k
- July ILO unemployment rate 3.6% vs 3.8% expected
- Prior 3.8%
- July employment change 40k vs 128k expected
- Prior 160k
- July average weekly earnings +5.5% vs +5.4% 3m/y expected
- Prior +5.1%
- July average weekly earnings (ex bonus) +5.2% vs +5.0% 3m/t expected
- Prior +4.7%
The jobless rate declined to 3.6% and that is a positive point to take note of while early estimates of payrolled employees for August shows a monthly increase, up 71,000 from July, to a record 29.7 million. That said, total hours worked is seen dropping in the three months to July by 3.5 million hours to 1.04 billion hours – that is still 11.1 million hours below pre-pandemic levels.
Meanwhile, pay growth continues to come in strong but has been declining in real terms and that says a lot about the current situation as inflation continues to grip the economy:
This article was originally published by Forexlive.com. Read the original article here.