What do the US labor market statistics hold for us? Overview for 03.05.2018
April numbers on employment might be better than expected.
As a rule, EURUSD is very “sensitive” to the US labor market numbers. These statistics are usually published on the first Friday of the month and this time is no exception.
March numbers weren’t quite typical: the NFP report showed a slow growth, but it might be temporarily. In April, the indicator added 195K after expanding by 103K the month before. The Unemployment rate went from 4.1% to 4.0%.
Some of the most important numbers will be provided by the Average Weekly Hours and the Average Hourly Earnings reports. The first one is expected to remain unchanged, at 34.5, while the second report might add 0.2% m/m after increasing by 0.3% m/m in March.
In order for the USD to continue growing, the statistics will have to match expectations, at least. However, there is an opinion, according to which the April readings might be even stronger thanks to good weekly reports on the Unemployment Claims.
The strong statistics on the labor market will provide the US Federal Reserve with more room to revise the key rate in the future, because they show that the country’s economy is on the rise.
RoboMarkets Analytical Department
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