Dol­lar falls af­ter US job growth slows down

Weekend Argus (Saturday Edition) - - FRONT PAGE -

NEW YORK: The dol­lar fell to seven-month lows af­ter data showed the US econ­omy cre­ated fewer jobs than ex­pected last month but Wall Street equities shrugged off the news to hit new highs, and an in­dex of global eq­uity mar­kets also set a record.

US job growth slowed last month and em­ploy­ment gains in the prior two months were not as strong as pre­vi­ously re­ported, sug­gest­ing the labour mar­ket was los­ing mo­men­tum de­spite the un­em­ploy­ment rate fall­ing to a 16-year low of 4.3%.

The lack­lus­tre job growth data lifted gold prices to a near six-week peak as the re­port low­ered ex­pec­ta­tions for the Fed­eral Re­serve to raise in­ter­est rates later this year af­ter a hike that most an­a­lysts still an­tic­i­pate later this month.

Non­farm pay­rolls in­creased 138 000 last month as the govern­ment, man­u­fac­tur­ing and re­tail sec­tors lost jobs, the labour de­part­ment said. The US econ­omy cre­ated 66 000 fewer jobs than pre­vi­ously re­ported in March and April. Still, in­vestors con­tinue to give both the econ­omy and Pres­i­dent Don­ald Trump’s ad­min­is­tra­tion the ben­e­fit of the doubt. – Reuters

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.