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Stronger-than-expected US non-farm payrolls

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Miguel A. Rodriguez
Miguel A. Rodriguez
06 November 2020
The number of jobs created increased, pushing the unemployment rate lower

After yesterday’s higher-than-expected unemployment claims, markets made their peace as they believed that the non-farm payrolls would be lower than forecasted.

The US Bureau of Labor Statistics proved them otherwise, showing that in the past month, 638,000 new jobs have been created, pushing the unemployment rate at 6.9%. The markets were looking for 595,000 jobs and an unemployment rate of 7.7%.

With an overall number of payrolls from May until now of roughly 12 million, there are still 10 million jobless people.

This comes after the US has reported more than 100,000 cases of COVID-19 infections.

However, the focus is now on the presidential election. Joe Biden and Donald Trump are looking to claim key states like Georgia, Nevada, and Arizona.

Meanwhile, USA30 lost 0.2%, while USA500 slipped 0.4% and TECH100 inched down 0.7%.

Sources: forexfactory.com, cnbc.com

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.